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 action remains inside that 6 month “box” with the upper resistance at 197 and the lower support at 151. Lately, the action has been trapped inside a shorter term upward sloping channel. The next hint as to which way the wind is blowing is when the action gets out of the channel. Despite today’s minor bump in the trend, the trend remains in a basic upward direction. The waiting game continues.
The Merv’s Daily Uranium Index closed lower by 0.49 points or 0.27%. There were 15 winners, 26 losers and 9 just fooling around. The five largest were mixed. Cameco gained 1.0%, First Uranium gained 12.5%, Paladin lost 3.5%, Uranium One lost 2.9% and Uranium Participation lost 0.4%. The best performer was Freewest with a gain of 22.2% while the worst performer was Ucore with a loss of 10.5%. Market Vectors Nuclear Energy ETF lost 2.0%.
Nothing has changed with the indicators today so I’ll cut it short and just confirm yesterday’s ratings as BULLISH for both the short and long term.
As for the immediate direction of least resistance, I still think that would be to the up side but I’ll be a little more cautious and go with the lateral direction.