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’s been a few days since my last post but nothing spectacular has happened. The Daily Index seems to be turning around but without any real enthusiasm. We do have those higher lows and higher highs, the next should be a higher high.
Today was a mild upside Index day but a downside component stock day. The Merv’s Daily Uranium Index gained 1.52 points or 0.88%. There were 17 winners, 30 losers and only 3 confused. The five largest stocks were somewhat mixed. Cameco gained 2.8%, First Uranium lost 8.9%, Paladin gained 1.8%, Uranium One gained 3.2% and Uranium Participation lost 0.3%. Market Vectors Nuclear Energy ETF gained 1.1%. The best winner today was Continental Precious Minerals with a gain of 17.2% while the worst performer was Alberta Star with a loss of 10.5%.
The Daily Index closed just above its positive intermediate term moving average line. The momentum indicator closed in its positive zone just above its trigger line although the trigger is still pointing downward. The volume indicator is once more above its trigger line and the trigger is pointing upwards. The intermediate term rating is BULLISH today.
On the short term the Index remains below its negative sloping moving average line. The short term momentum indicator, although moving upwards, is still in its negative zone below its negative sloping trigger line. The daily volume action remains low and is below its 15 day average volume line. All in all, the short term rating remains BEARISH.
As for the immediate direction of least resistance, that looks still to be the lateral direction although the Stochastic Oscillator is roaring upwards and is almost into its overbought zone.