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.
Down once more but still in the box. Looking at the chart one might call this more of a lateral move than a downside one. The day’s action did not go below Friday’s low. This is a good sign regardless of the negative close.
The Merv’s Daily Uranium Index closed lower by 2.16 points or 1.31%. There were 12 winners, 32 losers and 6 just bumming around. Cameco lost 1.4%, First Uranium lost 2.8%, Paladin lost 3.5%, Uranium One lost 1.5% and Uranium Participation lost 0.7%. The best performer was Forum Uranium with a gain of 14.3% while the worst performer was Powertech Uranium with a loss of 8.3%. Market Vectors Nuclear Energy ETF lost 1.5%.
Nothing has changed in the indicators from the week-end so I’ll just go to the chase and continue with a BEARISH rating for both the intermediate and short term.
As for the immediate direction of least resistance, it does look like the Index is setting itself up for a bounce of some sort but I’ll go with my most common lateral direction.