After The Close, 12 Nov 2008
Merv’s Daily Uranium Index
Market Data
Open: 112.01
Hugh: 113.34
Low: 103.17
Close: 105.65
Volume: 3665
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Continues lower, continues in the box. That’s about it. But I guess I should say more than that.
The P&F chart shows the box quite clearly and the levels needed to break out (90 on the down side and 140 on the up side). To understand the P&F chart one needs to realize that the unit price is the price at the top of the X or O, not the middle. That’s just one of the quirks of the software program. We are entering the lower half of the box and still some distance from a break. The other thing of not is that per my P&F criteria, even if the Index should break on the up side it would not necessarily indicate a new bull move. That down trend line will still need to be broken to confirm and it is a few units above the box at this time. Some more lateral movement by the Index would solve that problem.
The Merv’s Daily Uranium Index closed lower today by 7.59 points or 6.70%. There were only 3 winners, 43 losers and 4 going nowhere. From the number of losers those going nowhere could almost be classified as winners today. Of the five largest stocks by market value Cameco lost 6.7%, Denison lost 5.7%, Paladin lost 5.6%, Uranium One lost 13.8% and USEC lost 5.6%. The best winner out of those three was Trigon Uranium with a gain of 12.5% (on a one cent up move – penny stock --). As for the worst mover, that world be CanAlaska Ventures with a loss of 17.7%.
Well, that’s 6 down days in a row. A rally or bounce should be just around the corner but nothing is yet indicating that. On the intermediate term all is negative. The Index is below its negative moving average line and the momentum indicator is below its negative sloping trigger line. The volume indicator is also below its now negative trigger line and close to going into new lows. On the intermediate term the rating remains BEARISH.
The short term is the same, all negative. BEARISH is the only rating possible.
As for the immediate direction of least resistance, that can only be downwards. However, the aggressive Stochastic Oscillator has now entered its oversold zone so we can start looking forward to a possible short rally or at least a more lateral direction of movement. In the mean time down is the least resistance direction.
Merv’s Daily Uranium Index
Market Data
Open: 112.01
Hugh: 113.34
Low: 103.17
Close: 105.65
Volume: 3665
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Continues lower, continues in the box. That’s about it. But I guess I should say more than that.
The P&F chart shows the box quite clearly and the levels needed to break out (90 on the down side and 140 on the up side). To understand the P&F chart one needs to realize that the unit price is the price at the top of the X or O, not the middle. That’s just one of the quirks of the software program. We are entering the lower half of the box and still some distance from a break. The other thing of not is that per my P&F criteria, even if the Index should break on the up side it would not necessarily indicate a new bull move. That down trend line will still need to be broken to confirm and it is a few units above the box at this time. Some more lateral movement by the Index would solve that problem.
The Merv’s Daily Uranium Index closed lower today by 7.59 points or 6.70%. There were only 3 winners, 43 losers and 4 going nowhere. From the number of losers those going nowhere could almost be classified as winners today. Of the five largest stocks by market value Cameco lost 6.7%, Denison lost 5.7%, Paladin lost 5.6%, Uranium One lost 13.8% and USEC lost 5.6%. The best winner out of those three was Trigon Uranium with a gain of 12.5% (on a one cent up move – penny stock --). As for the worst mover, that world be CanAlaska Ventures with a loss of 17.7%.
Well, that’s 6 down days in a row. A rally or bounce should be just around the corner but nothing is yet indicating that. On the intermediate term all is negative. The Index is below its negative moving average line and the momentum indicator is below its negative sloping trigger line. The volume indicator is also below its now negative trigger line and close to going into new lows. On the intermediate term the rating remains BEARISH.
The short term is the same, all negative. BEARISH is the only rating possible.
As for the immediate direction of least resistance, that can only be downwards. However, the aggressive Stochastic Oscillator has now entered its oversold zone so we can start looking forward to a possible short rally or at least a more lateral direction of movement. In the mean time down is the least resistance direction.
Thanks for the work done here it is appreciated.
ReplyDeleteU seems to be skittering sideways along the bottom...but don't get crabby!