Merv’s Daily Uranium Index
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
It was a minor up day in the Index but really nothing much has changed. We are still below a solid resistance level (red line) and inside the 2nd and 3rd FAN trend lines. I expect we will end the week in the same condition. I would say that the Index has held up pretty well seeing as how uranium moved $1.50 lower again this past week.
The Merv’s Daily Uranium Index closed up 2.46 points or 1.49%. There were 25 winners, 17 losers and 8 were noncommittal (is that the way to spell it?). Cameco closed up 1.9%, First uranium was up 4.6%, Paladin was up 0.7%. Uranium One was up 2.4% and USEC had another down day with a loss of 4.8%. It looks like it is going to test its Tuesday’s low. The best performer today was Wescan Goldfields with a gain of 13.9% (doesn’t it just seem like one day’s worst performer comes out as the best the next day?), while the worst performer was Benton with a loss of 10.8%.
The intermediate term momentum indicator, which yesterday just touched its negative zone, is once more in the positive zone. Other than that there was no change in the other indicators from the past few days. The intermediate term rating remains BEARISH.
Nothing has changed on the short term and therefore the rating remains BEARISH here also.
As for the immediate direction of least resistance, I should have just stayed with the lateral, which I am sticking with today.