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.
Starting to look good. The Daily Index has breached that short term box resistance and now for the more significant hurdle, the resistance at 177. Today’s action just breached the resistance but did not close above it. Maybe another day or two will do it. Of course, what we are looking for is a new recovery high. That requires a move to just about the 200 level.
The Merv’s Daily Uranium Index closed up by 1.63 points or 0.94%. There were 24 winners, 16 losers and 10 going nowhere. I just don’t like it when we have this many undecided, that does not make for a strong move. Anyway, Cameco gained 1.7%, First Uranium was an undecided, Paladin gained 4.5%, Uranium One lost 1.8% and Uranium Participation gained 1.8%. The best daily winner was Alberta Star with a gain of 6.6% while the worst loser was Forum Uranium with a loss of 6.9%. Market Vectors Nuclear Energy ETF gained 1.4%.
Things are looking like changes coming in on the intermediate term. The Daily Index closed above its moving average line but the line has not quite turned upwards. It is turning but today ended exactly on a horizontal level. The momentum indicator is now in its positive zone and above its positive trigger line. The volume indicator is starting to get into an upswing but is still in more of a lateral trend. The indicator has closed above its trigger line and the trigger has turned upward. The intermediate term is now BULLISH. Unfortunately, the short term moving average line is still just slightly below the intermediate term line and has not confirmed this bull yet.
On the short term the Index closed way above its positive moving average line and the momentum indicator is inside its positive zone above its positive trigger line. The daily volume activity is still somewhat lacking but has not affected the rating. The short term rating remains BULLISH. Here, the very short term moving average line is above the short term line, confirming the bull.
As for the immediate direction of least resistance that would be to the up side again.