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.
A better day than we’ve had for a while. The move continues upward and may continue. That Decelerating BULLISH FAN Principle seems to be still working. As I mentioned a few days back, it is not unusual for the action to hug the trend line before really moving. BUT It’s gotta move now.
The Merv’s Daily Uranium Index closed on the up side by 3.19 points or 1.79%. There were 22 winners, 18 losers and 10 doing nothing. Cameco gained 3.0%, First Uranium gained 1.8%, Paladin gained 1.4%, Uranium One lost 0.7% and Uranium Participation lost 0.3%. The best winner on the day was Tournigan with a gain of 21.1% while the loser of the day was RPT Uranium with a loss of 9.4%. Market Vectors Nuclear Energy ETF gained 1.0%.
On the intermediate term everything continues on the positive side. The Index is above its positive moving average line. The momentum indicator is in its positive zone above its positive trigger line and the volume indicator is just about to enter new highs, above its positive trigger line. The rating therefore remains BULLISH. As confirmation the short term moving average continues above the intermediate term moving average line.
On the short term everything 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. The daily volume action remains low and we need this indicator to perk up. However, the short term rating remains BULLISH.
As for the direction of least resistance, that remains mostly to the up side and today I will go with that.