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.
An up day and the short term indicators get changed again. As mentioned in previous posts, as long as the basic trend continues in a lateral direction one can expect the short term indicators to keep bouncing up and down. We are in a short term box (black lines) within a several month long term box (shown on the week-end). We must break the short term box first, then the intermediate term resistance followed by the long term box resistance before we can see daylight again.
The Merv’s Daily Uranium Index closed higher by 1.24 points or 0.72%. There were 14 winners, 24 losers and 12 confused. Cameco gained 1.7%, First Uranium lost 1.3%, Paladin lost 0.9%, Uranium One gained 2.2% and Uranium Participation lost 1.0%. The best winner was Altius with a gain of 8.7% while the worst loser was Uranerz Energy with a loss of 6.7%. Market Vectors Nuclear Energy ETF was one of the confused.
Nothing has changed from the intermediate term and therefore the rating remains BEARISH.
On the short term the Daily Index has once more closed above it moving average line and the line has turned upwards. The momentum indicator has just peaked above its neutral line in the positive zone and above its positive trigger line. The daily volume activity remains low as one might expect during dull days. The short term rating has moved back into the BULLISH camp.
As for the immediate direction of least resistance, I’m going with the lateral for another day. Why ruin a winning streak?