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.
The up trend continues although not yet in a very convincing way. I like to see days like Friday where the close is at the high end of the trading range. Today, the close was just about where it started and in the end, at around the mid point of the trading range. The close relative to the previous close is what matters to the RSI, and we see them move higher today. The close relative to the trading range over the period in consideration is what matters to the Stochastic Oscillator, and today the SO barely moved. I have drawn a wide slight up trending channel. Just an exercise, pay no attention to it. I don’t think it will be of benefit but should the upper line act as a resistance I can then say “I told you so”.
The Merv’s Daily Uranium Index closed higher by 1.33 points or 0.73%. Little by little the Index is moving higher. A few more days and it could be in new recovery high territory. There were 28 winners, 16 losers and 6 confused. Cameco lost 0.8%, First Uranium lost 1.0%, Paladin gained 2.7%, Uranium One gained 0.7% and Uranium Participation gained 0.4%. The best performer today was Pitchstone with a gain of 11.9% while the worst performer was Ucore Uranium with a loss of 13.9%.
Everything was bullish on the week-end and everything remains BULLISH today.
As for the direction of least resistance, more and more the Stochastic Oscillator is not being cooperative. It did not change its direction and remains below its negative sloping trigger line. So, I’ll be on the safe side and go with the lateral direction as the one with least resistance. The SO is very close to turning upwards but I’ll wait for that to happen.