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.
It’s been a few days since I last posted any commentary (that dastardly cold). Not yet fully recovered but not bed ridden either, so here goes.
The charts are getting pretty interesting. That P&F chart shown earlier is now at a point that one more notch on the up side would suggest a new bullish break-out with a longer term projection to the 540 level. Such a move would also get us out of the “box” we’ve been in for far, far too long. Looking at the short term momentum indicator It was no great surprise that we went nowhere today, however, although the Index did make a significant drop during the day in the end the bulls moved the Index back up to its previous day’s level. This should be viewed as positive action.
The Merv’s Daily Uranium Index closed the day very slightly on the down side with a loss of 0.37 points or 0.19%. There were 24 winners, 20 losers and 6 confused. The 5 largest were mixed in their moves. Cameco lost 1.8%, First Uranium lost 1.2%, Paladin gained 1.7%, Uranium One gained 11.9% and Uranium Participation lost 0.7%. The best daily winner was Pele Mountain with a gain of 20.0% while the loser of the day was Uracan Resources with a loss of 6.3%. Market Vectors Nuclear Energy ETF lost 0.6%.
Throughout these past several days of non-reporting the intermediate term indicators had been continually in the positive zone. The Index remains above its positive moving average line. The momentum indicator remains in its positive zone above its positive trigger line. The volume indicator had been in new all time high territory but is just slightly below such high. It is heading higher and above its positive trigger line. On the intermediate term the rating remains BULLISH.
On the short term things are basically the same. The Index is above its positive sloping moving average line. The momentum indicator remains in its positive zone above its positive trigger line. The daily volume action has been steadily improving but as yet has not risen to any great level. Maybe speculators are late getting back to trading after the holidays. The short term rating remains BULLISH.
It’s getting closer and closer for something to be taking off it’s just a waiting game.
Full week-end commentary should be available on Sunday.