Uranium Index April 16,2009-bullishThe
Merv’s Daily Uranium Indexwas up at the close by 1.05 points or 0.70%. There were 22 winners, 19 losers and 9 going nowhere.
As for those five largest stocks, they were mixed. Cameco gained 1.2%, First Uranium lost 2.2%, Paladin gained 7.7%, Uranium One lost 0.7% and USEC lost 1.9%. The best winner on the day was Tournigan with a gain of 32.0% while the loser on the day was Quaterra with a loss of 15.9%.
The intermediate term continues to maintain a positive attitude. The Index is above its positive sloping moving average line and the momentum indicator remains in its positive zone above its positive trigger line. As mentioned above, the volume indicator has hit new all time highs and remains above its positive intermediate term trigger line.
BULLISH is the only rating I can give here.
On the short term everything also remains positive. The Index is above its positive moving average line and the momentum indicator remains in its positive zone above its positive trigger line. The strength of the short term momentum indicator is not, however, as strong as I would like to see. This needs to be watched in case this weakness continues. As for the daily volume action, well here things seem to be improving, at least in the past couple of days. Today’s volume was showing a little more activity than we have had recently, and it was on the up side. The short term rating remains
BULLISH.
As for the immediate direction of least resistance, I am going back to the lateral direction. Although the price move seems to be towards the up side the aggressive Stochastic Oscillator has turned downward and has crossed its trigger line. The trigger is still pointing upward but it seems that the indicator is seeing weakness in the recent price action even though such action is towards the up side. Not yet time to go gung-ho bullish with your capital although that requires an individual stock look. I know, I said I’ll try and have a few individual stocks for you during the week but some things don’t work out as planned. It’s still on my schedule but it now looks more like next week.