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.
Another reversal of direction resulting in another mild down day. The trend remains trapped in that short term box although if it keeps up that way it will be an intermediate term box. Although not a large decline the result was still some changes in our indicators due to the fact that the indicators and their neutral lines and triggers are all relatively close and a minor move crosses one or the other either up or down.
The Merv’s Daily Uranium Index closed lower by 1.61 points or 0.92%. There were only 9 winners, 30 losers and 11 going nowhere. Cameco lost 1.8%, First Uranium lost 1.2%, Paladin lost 0.3%, Uranium One gained 2.7% and Uranium Participation lost 1.8%. The best winner of the day was Denison Mines and it could only garner a gain of 4.3%, the loser of the day was Purepoint Uranium with a loss of 10.7%. Market Vectors Nuclear Energy ETF lost 0.3%.
The intermediate term had the biggest change today. The Daily Index dropped back below the down sloping moving average line after only one day above the line. The momentum indicator remains in its negative zone but above its positive trigger line. Although in a basic lateral trend the volume indicator has once more dropped below its trigger line. The intermediate term rating has again moved into the BEARISH camp.
On the short term the indicators are on the verge of reversing but today they are just a hair from doing so. They remain as on the week-end with the rating remaining BULLISH.
As for the immediate direction of least resistance, I’m back to the lateral direction. I should have stayed there until the Index and aggressive indicator ACTUALLY told me otherwise.