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.
The daily action still remains in the box and the FAN Principle continues to be valid. Today’s action continued to just touch the third trend line, which is not unusual. However, it should do so for no longer than another day or two before the pattern becomes questionable. Otherwise, nothing much changed today from the week-end commentary.
The Merv’s Daily Uranium Index closed higher by 0.57 points or 0.32%. Small potatoes. There were 19 winners, 23 losers and 8 getting lost. Cameco gained 0.2%, First Uranium gained 1.7%, Paladin lost 1.5%, Uranium One gained 0.6% and Uranium Participation lost 0.7%. The best winner of the day was Altius with a gain of 8.9% while the loser of the day was Ucore Uranium with a loss of 9.1%.
As mentioned above, nothing has changed in the indicators or ratings. Both the intermediate and short term ratings remain BULLISH.
On the immediate direction of least resistance, I will continue with the lateral direction although the Stochastic Oscillator moved further below its overbought line, but still in the positive zone. One might take that as lower prices ahead but I’m going with the FAN Principle.