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 good day for the uranium stocks but more is still required. The trend, at least from the very short term, seems to be definitely to the up side. However, that plunge a week ago really caused the indicators to be far removed from the Index. It’s now taking more upside than would be usual for the Index to get above the short term averages, but it’s starting.
The Merv’s Daily Uranium Index closed with a gain of 3.08 points or 1.87%. There were 29 winners, 9 losers and 12 still not knowing where they want to go. Cameco gained 2.7%, First Uranium gained 3.6%, Paladin gained 1.8%, Uranium One gained 0.9% and Uranium Participation gained 0.3%. The best winner of the day was Ucore Uranium with a gain of 16.7% while the loser of the day was CanAlaska Uranium with a loss of 8.3%. Market Vectors Nuclear Energy ETF gained 1.5%.
On the intermediate term things are still as they were all week. The rating remains BEARISH.
On the short term the Daily Index closed just a hair above its moving average line but the line remains pointing downward. The momentum indicator is in a positive trend above its positive trigger line but still in the negative zone. The daily volume action is still quite low but I expect it will perk up if the trend remains positive. The short term rating has now been upgraded to + NEUTRAL.
The very short term moving average line has turned upward with the Index above the line. It has not yet moved above the short term line for any kind of confirmation of a turn around, which would still take another day or two of upside action. The Stochastic Oscillator is moving sharply higher and has entered its positive zone. I think I will go with the up side as the immediate direction of least resistance today. Another up day and the action will have broken above a short term down trend line, which would just be another sign of a turn around in progress.