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.
The roller coaster continues, when it will end is anyone’s guess. Today, the Daily Index closed higher but is still within the short term box. The indicators are changing with each roller coaster move and this gets frustrating. One day we have positive indicators the next day negative. During lateral trends this happens and is one of the things we must live with, especially when we stay simple.
The Merv’s Daily Uranium Index closed higher by 3.15 points or 1.86%. There were 28 winners, 13 losers and 9 stocks stuck on stupid. Cameco gained 2.0%, First Uranium gained 10.2%, Paladin gained 4.2%, Uranium One gained 2.7% and Uranium Participation lost 0.2%. The best winner of the day was First Uranium with that 10.2% gain while the worst performer today was NWT Uranium with 5.1% loss. Market Vectors Nuclear Energy ETF gained 2.1$.
On the intermediate term the Daily Index just barely peaked its head above its moving average line although the line is still slightly negative. The momentum indicator is still in its negative zone but has turned upward and is now above its positive trigger line. The volume indicator is still below its negative trigger line. All in all the intermediate term rating has moved up to a + NEUTRAL rating, one level short of a full bull.
On the short term things are even better. The Index closed above its short term moving average line and the line has turned upwards. The momentum indicator has moved into its positive zone and is above its positive trigger line. Unfortunately, the daily volume action is still pretty low and not going with the positive trend. The short term rating is now BULLISH although the very short term moving average line has not yet crossed above the short term line for confirmation.
As for the immediate direction of least resistance, that would be to the up side although the Stochastic Oscillator is still in its negative zone. It is, however, heading upward and in the right direction.