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.
The Daily Index perked up a bit today, as expected, but still needs more upside to show a good trend. The resistance still stands and that is the next test for the Index. After that we should hope for a break above the several month box resistance level.
The Merv’s Daily Uranium Index closed higher by 2.13 points or 1.25%. There were 24 winners, 17 losers and 9 stocks not pulling their weight. Cameco gained 0.5%, First Uranium lost 5.2%, Paladin gained 2.1%, Uranium One lost 0.7% and Uranium Participation gained 1.1%. The best winner was USEC with a gain of 20.6% while the worst loser was Forum Uranium with a loss of 11.9%. Market Vectors Nuclear Energy ETF gained 1.5%.
The move today did nothing for the intermediate term so the rating remains BEARISH.
On the short term the Index closed above its positive sloping moving average line and the momentum indicator just made it into its positive zone. It is also above its positive trigger line. Only the daily volume action remains weak at the present time. The short term rating has once more become BULLISH.
As for the direction of least resistance, I’ll go with the up side again understanding there is that resistance that could halt the advance.