Merv’s Weekly Uranium Index was developed a few years ago with a starting value of 100.00 in the first week of January, 2003. Since then the Index has had a spectacular rise and now stands at 10,729.39. That is a gain of 10,629% in less than 5 years. WOW!
The Weekly Index closed the week up 3.01%. There were 28 stocks closing higher, 20 stocks closing lower and 2 unchanged. Of the five largest stocks by market value, Cameco gained 11.5%, Denison gained 8.1%, Paladin gained 7.4%, UEX gained 3.3% and Uranium One gained 6.2%. The best performer on the week was Forsys Metals with a weekly gain of 42.1% while the worst performer was Northern Continental with a loss of 21.3%.
Based upon the Weekly Index, the Index remains below its long term moving average line with the line continuing to slope in a downward direction. However, the long term momentum indicator has moved into its positive zone providing some hope that the Index will soon climb above its moving average line and signal a new long term bull market. For now, one can only rate the Index, at best, as – NEUTRAL, which is one level above a full bearish rating.
Based upon the Weekly Index the intermediate term is a lot better than the long term. The Index is above its positively sloping moving average line. The intermediate term momentum is heading higher but still just a shade below its neutral line. Based upon the Daily Index the intermediate term momentum is already inside its positive zone. From this I would continue rating the intermediate term as BULLISH.
Everything is still A-OK on the short term side. Index above its moving average. Momentum strongly in the positive zone and the aggressive Stochastic Oscillator has now moved into the overbought zone. No problem until the Oscillator turns and crosses its overbought line on the down side. So still BULLISH on the short term.
The Weekly Index closed the week up 3.01%. There were 28 stocks closing higher, 20 stocks closing lower and 2 unchanged. Of the five largest stocks by market value, Cameco gained 11.5%, Denison gained 8.1%, Paladin gained 7.4%, UEX gained 3.3% and Uranium One gained 6.2%. The best performer on the week was Forsys Metals with a weekly gain of 42.1% while the worst performer was Northern Continental with a loss of 21.3%.
Based upon the Weekly Index, the Index remains below its long term moving average line with the line continuing to slope in a downward direction. However, the long term momentum indicator has moved into its positive zone providing some hope that the Index will soon climb above its moving average line and signal a new long term bull market. For now, one can only rate the Index, at best, as – NEUTRAL, which is one level above a full bearish rating.
Based upon the Weekly Index the intermediate term is a lot better than the long term. The Index is above its positively sloping moving average line. The intermediate term momentum is heading higher but still just a shade below its neutral line. Based upon the Daily Index the intermediate term momentum is already inside its positive zone. From this I would continue rating the intermediate term as BULLISH.
Everything is still A-OK on the short term side. Index above its moving average. Momentum strongly in the positive zone and the aggressive Stochastic Oscillator has now moved into the overbought zone. No problem until the Oscillator turns and crosses its overbought line on the down side. So still BULLISH on the short term.
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