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 seems to be taking a rest today. Although down slightly at the close the daily trading really went nowhere. This is almost in keeping with a development of a reverse head and shoulder pattern. As mentioned previously to confirm this pattern the Index would have to breach the neckline, shown on the chart as a solid red line.
The Merv’s Daily Uranium Index closed lower by 0.92 points or 0.53%. There were 18 winners, 22 losers and 10 stocks marking time. Cameco lost 1.0%, First Uranium gained 6.9%, Paladin gained 0.3%, Uranium One gained 1.0% and Uranium Participation lost 2.3%. The best daily performer was Mawson with a gain of 7.9% while the worst performer was Forum Uranium with a loss of 13.5%. Market Vectors Nuclear Energy ETF gained o.3%.
The only change in the indicators and ratings occurred in the short term. The momentum indicator crossed oh so slightly into its negative zone but remains just above its positive trigger line. The short term rating has dropped a notch to the + NEUTRAL level, one notch below a full bull.
The intermediate term remains BEARISH.
The immediate direction of least resistance has weakened somewhat with today’s action so I will go with the lateral direction.