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.
Nothing has changed from the week-end as far as the indicators and ratings are concerned. With the miniscule move today the lateral trend remains the dominant direction of motion. As I do every so often today I show the Point % Figure chart. This chart is primarily an intermediate term chart. I like P&F charts as they filter all the short term noise in the trading data and give us only the prevailing chart.
Without going through the whole history but zeroing in on the latest status, the end of year rally a year ago gave us a price projection to the 300 level. This is still the prevailing projection. Since then the action has taken a lateral trend with a resistance at the 190 level (requiring 200 for an upside break-out) and a support at the 160 level (requiring a move to 1250 for a downside break). The last direction of plotting is to the down side requiring a move to 180 for the direction to turn around. Now, assuming we do get a turn around and an upside break, we will get two additional projections, one to 380 and another to 580.
A downside break would project into the minus number and not feasible. There was a long ago downside projection that was not met and that was to the 50 level. A downside break would find huge support at the 100 level and would be expected to hold there.
That’s a quickie summary of where we presently stand, P&F wise.
The Merv’s Daily Uranium Index closed lower by 0.03 points or 0.02%. There were 16 winners, 24 losers and 10 just sitting there in a daze. Cameco gained 0.2%, First Uranium was just sitting there in a daze, Paladin gained 5.3%, Uranium One lost 2.1% and Uranium Participation lost 0.7%. The best winner was Alberta Star with a gain of 14.8% while the worst loser was Pele Mountain with a loss of 8.9%. Market Vectors Nuclear Energy ETF was another stock just sitting there in a daze.
With nothing changed today the intermediate term remains BEARISH and the short term remains BULLISH. The immediate direction of least resistance remains unchanged as a lateral direction.