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.
Another slightly positive day but with a few less winners than losers. The Index looks like it wants to move higher but is having a rough time getting going. The latest action suggests a rally in progress but very weak at this time. We do have a support just above the 183 level that should hold for a while but it’s that upper resistance trend line from the channel that is the bummer right now. Once through there we should be on our way. It’s the waiting that gets to you.
The Merv’s Daily Uranium Index closed higher by 0.67 points or 0.36%. There were 16 winners, 19 losers and a whole lot (15) of stocks that don’t seem to have a clue where to go. As for the top five by market value, Cameco lost 0.1%, First Uranium gained 6.8%, Paladin was one of those without a clue today, Uranium One lost 0.6% and Uranium Participation lost 0.6%. The best winner of the day was First Uranium with that 6.8% gain while the worst loser was Crosshair Exploration with a loss of 12.5%. Market Vectors Nuclear Energy ETF gained 0.8%.
One more day and the daily activity did not change the indicators or ratings on the short or intermediate term. For both time periods the rating remains BULLISH.
As for the immediate direction of least resistance, well that is looking more and more like the up side although the aggressive Stochastic Oscillator has not yet turned around to the up side. For another day I will go with the lateral direction as the one with least resistance.