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.
Wouldn’t you just know it. I’m behind in my posting so working fast, one slip of the finger and everything gets deleted. Have to start all over again.
The Daily Index closed higher with a very decent move. We’re out of the FAN but still below that 180 resistance. Possibly one more day and we’re through but realistically, maybe two days.
The Merv’s Daily Uranium Index closed higher by 5.84 points or 3.43%. There were 24 winners, 16 losers and 10 not giving a damn which way to go. As for those five largest stocks, only one was a loser. Cameco had a nice gain of 9.0%, First Uranium gained 0.6%, Paladin wasn’t far behind Cameco with a gain of 6.1%, Uranium One gained 0.7% and the lose loser was USEC with a loss of 2.6%. The best performer of the day was Crosshair Exploration with a gain of 26.3% while the worst performer, Strathmore, could only muster a loss of 4.4%.
With the sudden upside move and all the indicators so close to neutral levels the Index closed above its intermediate term moving average line and the line turned upwards. The momentum indicator, which had remained in the positive zone, has now reached above its level for the past month and a half and is above its positive trigger line. The volume indicator once more moved above its intermediate term trigger line and the trigger just barely turned to the up side. All in all, the intermediate term rating has suddenly turned all the way to the BULLISH camp.
On the short term everything is also looking good. The Index closed above its moving average line and the line is sloping to the up side. The momentum indicator is in its positive zone above a positive trigger line. The daily volume action is perking up just a little and needs much more upside volume to look good. However, putting the indicators together we get a short term rating of BULLISH.
As for the direction of least resistance, the Stochastic Oscillator has turned to the up side but still is in its negative zone. The very short term moving average line, which has remained above the short term line these past 5 days, is heading higher. I would think that the direction is once more to the up side.