After The Close, 16 Dec 2008
Merv’s Daily Uranium Index
Market Data
Open: 116.05
High: 120.82
Low: 112.19
Close: 117.78
Volume: 6993
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Little steps by little steps, maybe we will get through the box by Easter. I guess as long as we remain in the box things are not all that bad. We could be plunging. I think I mentioned before that we have all the ingredients for a bullish double bottom here. We have a spread bottom in October and another bottom at about the same level in late November. What I like about this pattern is that the momentum indicator has given us a positive divergence at the second bottom to confirm a strengthening process. Without that confirmation I would be a little hesitant in thinking of this pattern as a double bottom, although very few technicians consider a need for such confirmation.
The Merv’s Daily Uranium Index closed higher by 2.64 points or 2.29%. The winners were only slightly ahead of the losers making this a somewhat of a blah day rather than a bullish day. There were 22 winners, 19 losers and 9 going nowhere. Once more the five largest stocks were all over the place. Cameco gained 7.2%, Paladin gained 0.9%, Uranium One gained 10.6%, Uranium Participation lost 3.3% and USEC lost 0.7%. The best winner was Uranium Energy with a gain of 35.9% while the worst loser was Nuinsco with a loss of 20.0%.
That fear I had a few days back, of a one day reversal activity hasn’t come to fruition. We are once more gingerly moving higher. However, although the Index remains above its intermediate term moving average line the line slope remains to the down side. As for the momentum indicator, it remains in its negative zone but moving higher and above its positive trigger line. It is at a level higher than it’s been for months now for an indication of greater strength than the Index action. Let’s hope it pulls the Index up with it, it usually does. The volume indicator continues to move in a very narrow lateral direction. For now the intermediate term rating remains unchanged at a + NEUTRAL rating.
Except for the slope of the moving average line everything is the same for the short term. The Index remains above its moving average line and the line continues to point upward. The momentum indicator continues to move higher inside its positive zone and remains above its positive sloping trigger line. The very short term moving average line is above the short term line and the distance between the two is widening. The short term rating remains BULLISH.
Although the Stochastic Oscillator is moving lower, below its negative trigger line it looks like it will be turning around. It is still in its positive zone. The Index continues to trace a slightly positive direction move and is within a short term up trending channel. For another day I will continue to go with the lateral direction as the direction of least resistance although I suspect the up side is slightly in control.
Merv’s Daily Uranium Index
Market Data
Open: 116.05
High: 120.82
Low: 112.19
Close: 117.78
Volume: 6993
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Little steps by little steps, maybe we will get through the box by Easter. I guess as long as we remain in the box things are not all that bad. We could be plunging. I think I mentioned before that we have all the ingredients for a bullish double bottom here. We have a spread bottom in October and another bottom at about the same level in late November. What I like about this pattern is that the momentum indicator has given us a positive divergence at the second bottom to confirm a strengthening process. Without that confirmation I would be a little hesitant in thinking of this pattern as a double bottom, although very few technicians consider a need for such confirmation.
The Merv’s Daily Uranium Index closed higher by 2.64 points or 2.29%. The winners were only slightly ahead of the losers making this a somewhat of a blah day rather than a bullish day. There were 22 winners, 19 losers and 9 going nowhere. Once more the five largest stocks were all over the place. Cameco gained 7.2%, Paladin gained 0.9%, Uranium One gained 10.6%, Uranium Participation lost 3.3% and USEC lost 0.7%. The best winner was Uranium Energy with a gain of 35.9% while the worst loser was Nuinsco with a loss of 20.0%.
That fear I had a few days back, of a one day reversal activity hasn’t come to fruition. We are once more gingerly moving higher. However, although the Index remains above its intermediate term moving average line the line slope remains to the down side. As for the momentum indicator, it remains in its negative zone but moving higher and above its positive trigger line. It is at a level higher than it’s been for months now for an indication of greater strength than the Index action. Let’s hope it pulls the Index up with it, it usually does. The volume indicator continues to move in a very narrow lateral direction. For now the intermediate term rating remains unchanged at a + NEUTRAL rating.
Except for the slope of the moving average line everything is the same for the short term. The Index remains above its moving average line and the line continues to point upward. The momentum indicator continues to move higher inside its positive zone and remains above its positive sloping trigger line. The very short term moving average line is above the short term line and the distance between the two is widening. The short term rating remains BULLISH.
Although the Stochastic Oscillator is moving lower, below its negative trigger line it looks like it will be turning around. It is still in its positive zone. The Index continues to trace a slightly positive direction move and is within a short term up trending channel. For another day I will continue to go with the lateral direction as the direction of least resistance although I suspect the up side is slightly in control.
where you come from!
ReplyDeleteVery good!
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