Merv’s Weekly Uranium Review
for week ending 24 December 2010
Merv’s Daily Uranium Index
Market Data for Friday 24 Dec 2010
Open: 247.44
High: 249.34
Low: 244.70
Close: 247.29
Volume: 2687
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Note that additional charts of the Daily and Weekly Indices were posted earlier and should be viewed during this commentary.
This relaxation could become a habit but I guess I’d better get off my --- and post the weekly commentary.
Nothing much happened during this past week. The Daily Index basically went sideways and remains in that box from which we are awaiting the next move. The action of the Index continues to look like a topping activity but all one reads in the media is the great potential ahead for uranium. Stocks act mostly on perceived future potential so a topping activity in the Index does not seem to compute versus the stories in the media. I’ll go with the market action. Should the media stories really be true and a great future lies ahead then the stocks will go with the direction of the future despite some short term hesitation.
I’m still in holiday mode so I’ll cut this week’s analysis short. Although there are indications of weakness in the market action, suggesting a possible topping activity, as far as the indicators are concerned there is nothing much to worry about yet. For all three time periods the rating remains BULLISH.
II leave it up to you to check the charts posted here and earlier in the week to determine what’s happening. I hope that with the commentaries you are learning some of the basics of technical analysis (if you did not previously have the knowledge) so this is a good time to exercise that knowledge.
It’s heartening to get so many well wishers during this Christmas season. Thanks. Here’s wishes again to all for a profitable new year.
Will be back in full force in about a week or so. Otherwise posting will remain sporadic.
3 comments:
Happy New Year Merv! (A few days early)
Based on the chart, it looks like the index is in a consolidation phase for a little while before the next break higher (For us bulls)
In the short term, Stochasitics and RSI looks like they are heading to the downside. It may be short lived as the overall markets for hard assets and commodities seem to be bullish.
Merv,
Thank you for your outstanding blog. I have learned more from your observations about TA, then any other blog, or so called expert. You continue to amaze me, and I would like to thank you for your excellent calls this year. Your straight forward approach does not leave me guessing, the way many newsletter author's do.
My very best wishes to you and your family in the coming year.
Nancy M.
Princeton, N.J.
Merv< I have been comparing the charts of UEX and URZ. They look very identical it looks like UEX is ready to take off to a higher level after a consolidation period do you agree? URZ took off yesterday. Thank you and Happy New Year! Look forward to a great year in the stock market and uranium in 2011. Thanks again for your expertise! All the best in 2011!!!
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