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.
Have faith. Today was an up day and the Index continues to hold inside that up trend channel and is once more just above that resistance/support level of 180. From the market action in May and June the resistance AREA that needs to be overcome is basically the 175 to 195 area. The 180 level resistance line from the market action since June was a critical test of the up trend. I did not, and still do not expect much of a problem going through the resistance area but we just might be looking at another week or so. Today’s action was almost the opposite of yesterday’s action. The Index opened on the up side, moved higher and then ended closing below its opening price, but still above yesterday’s close. Let’s see how things develop.
The Merv’s Daily Uranium Index closed higher by 1.41 points or 0.79%. There were 26 winners, 18 losers and 6 standing still. One of the top five was a real bummer. Cameco gained 1.1%, First Uranium lost 11.4%, a real bummer, Paladin gained 2.4%, Uranium One lost 0.8% and Uranium Participation gained 1.3%. The best winner of the day was CanAlaska Ventures with a gain of 50.0%, WOW, all in one day, the loser of the day was that biggie, First Uranium, with a loss of 11.4%.
I have to cut things short today but nothing much has changed with the day’s upside move. All indicators are positive making the short and intermediate term rating BULLISH.
The direction of least resistance I will maintain as lateral for another day.