Merv’s Weekly Uranium ReviewThe week was not the best for uranium stocks. The Merv’s Weekly Uranium Index of 50 uranium stocks closed the week down 718.511 points or 6.41%. There were only 9 stocks closing higher on the week while 40 stocks closed lower. One stock closed unchanged. Of the five largest stocks by market value, Cameco closed down 7.4%, Denison closed down 10.9%, Paladin closedown 11.4%, UEX closed down 6.3% and Uranium One closed down 4.9%. The best performer on the week was NWT Uranium with a gain of 13.3% while the worst performer was Anglo-Canadian Uranium with a loss of 22.4%. As mentioned, it was not a good week. In addition to all that bad news one other little piece of information, there were 15 stocks with double digit losses.
Looking first at the long term picture, the Index closed below its long term moving average line and the line is sloping downward. The long term momentum indicator is just a hair inside its positive zone (at 50.87%) but heading lower. In addition, from the weekly table, the summation of individual stock long term ratings we get a BULLISH 22% and a BEARISH 62%. The long term trend has not yet reversed to the positive side and I maintain my long term rating as BEARISH.
On the intermediate term the Index closed just below its intermediate term moving average line but the line is still sloped in an upward direction. The momentum indicator has moved into the negative zone and pointing lower, I lowered my rating for the intermediate term to BEARISH on Thursday and I will stick with it.
Short term all the indicators have gone negative so I can quickly simplify the commentary by rating the short term as BEARISH.
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