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.
Down and down it goes, where it stops nobody knows. Today was a serious day for the Daily Index. It moved back into that FAN PRINCIPLE area between the second and third FANs nullifying its previous bull trend confirmation. It also moved far enough away from that up trend line shown on the week-end chart to state that the up trend has been decisively broken. The next reasonable support can be seen in the 151 level. This is from the activity in March/April and the previous low in July. After that I’ll have to take a better look at the chart.
The short and intermediate term indicators have gotten more negative but that doesn’t change their already BEARISH rating. It’s the long term that is getting hit. The action today has closed below the long term moving average line but the line is still sloping gently upwards. Along with a negative momentum indicator which is below its negative trigger line the long term, per the Daily Index, is now also BEARISH.
There will be huge profits to be made somewhere down the road. When the timing is right is unclear at this time but the time will come, unless the world stops using its nuclear plants. In the mean time frustration reigns.