Merv’s Daily Uranium Index
Market Data
Open: 175.60
High: 178.62
Low: 173.38
Close: 177.54
Volume: 2779
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Another up day and we are now in new recent high territory. The day’s close put the Daily Index at its highest level since the down trend started in the beginning of the year. I consider the close as breaking above that short term box resistance level although there may be some that might wait till the final March 17 peak is breached. The volume was pathetic which is usually not good on an up day but I’ll assume that the problem is that many speculators are still on an Easter break. Tomorrow should show us what the activity might be. Now on to that longer term resistance at the 197 level.
The Merv’s Daily Uranium Index closed higher by 2.64 points or 1.51%. There were 22 winners, 19 losers and 9 procrastinators. Cameco gained 1.0%, First Uranium gained 1.5%, Paladin gained 1.5%, Uranium One gained 1.1% and Uranium Participation gained 0.3%. The best gainer was Uracan Resources with a gain of 13.9% while the worst loser was Purepoint Uranium with a loss of 8.3%. Market Vectors Nuclear Energy ETF gained 1.4%.
The only change in the indicators today was the short term moving average line now crossing above the intermediate term line to confirm the bullish intermediate term rating. Otherwise, all is unchanged from the week-end. Both the intermediate and short term ratings remain BULLISH.
As for the immediate direction of least resistance, with the upside break and with all the very short term indicators positive, I’ll go with the up side for tomorrow.
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