Merv’s Daily Uranium Index
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
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Back to the markets
Today was not a bad day for uranium stocks. Most were on the climb although very few advanced by more than a few %. We are still within that major box between 151 and 197 and also within a minor box between 170 and 181 established over the past month. Until the activity gets out of these boxes nothing special is seen from the technical side. Of course this could change with surprise trading activity. Uranium itself was up $2.50 yesterday so this might be helping set a new trend.
The Merv’s Daily Uranium Index closed on the up side by 5.22 points or 3.01%. There were 33 winners, 7 losers but still 10 totally confused. As for the 5 largest stocks by market value, all were up on the day. Cameco gained 3.6%, First Uranium gained 0.8%, Paladin gained 2.8%, Uranium One gained 4.3% and Uranium Participation gained 4.7%. The best winner on the day was Alberta Star with a gain of 23.5% while the loser on the day was Energy Fuels with a loss of only 6.0%. Market Vectors Nuclear Energy ETF gained 2.2%.
Today’s action has once more placed the indicators in their positive zones. The daily Index is above its intermediate term positive moving average line. The momentum indicator is in its positive zone above a positive trigger line. The volume indicator is moving higher above its positive trigger line. And all is once more well with the world. The intermediate term rating can only be BULLISH.
ON the short term the situation is the same. The Index is above its positive moving average line. The momentum indicator is in its positive zone above its positive trigger line. Only the daily volume activity could stand a little more upside volume. The short term rating, however, is not affected by this neutral volume and is BULLISH.
As for the immediate direction of least resistance, that must b e considered to be to the up side. The Stochastic Oscillator has moved sharply upwards and has closed above its neutral line and above its positive trigger line. The daily close is also encouraging being in the upper part of the daily trading range.