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.
I don’t know what to make of this but today is the first day that the daily close was below the 170 mark since the Daily Index first entered into the box area, that’s since Feb 16. The intermediate term momentum indicator has also moved below its support level for this same period. The emphasis seems to be to the down side despite uranium having moved higher by $1.00 this week.
The Merv’s Daily Uranium Index closed lower by 1.92 points or 1.12%. There were 17 winners, 27 losers and 6 sitting around having a beer. Cameco lost 1.2%, First Uranium lost 4.4%, Paladin lost 2.4%, Uranium One gained 1.2% and Uranium Participation gained 0.2%. The best winner today was Forum Uranium with a gain of 11.1% while the worst loser today was Purepoint Uranium with a loss of 16.7%. Market Vectors Nuclear Energy ETF lost 1.3%.
The Daily Index continues to track below its negative intermediate term moving average line. The short term moving average continues to move below the intermediate term average. The momentum continues to move lower inside its negative zone and below its negative trigger line. As mentioned above, the indicator has also dropped below its support from the past several weeks. The volume indicator is moving lower rapidly and is now into a down trend below its negative trigger line. It is zeroing in on its previous lows from the Feb period and might just move below that point on another one or two days of downside action. The intermediate term rating continues to be BEARISH.
I can just copy the above paragraph but change the time period to protect the guilty. The Daily Index continues to track below its negative short term moving average line. The very short term moving average continues to move below the short term average. The momentum continues to move lower inside its negative zone and below its negative trigger line. As with the intermediate term, the indicator has also dropped below its support from the past several weeks. The daily volume action continues to be mild as expected during negative days. The short term rating continues to be BEARISH.
As for the immediate direction of least resistance, that continues to get more and more negative but I’ll stick with the lateral until the Index closed below the support line.