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 up day and today there can be no question we are out of the short term box, now on to breaching the long term one (see Index charts on the week-end). The one worrying indicator is still the volume indicator. I was hoping speculators would be back from Easter holidays and have their volume action shown on the charts. The daily volume still does not suggest that they are back in any great quantity.
The Merv’s Daily Uranium Index closed higher by 1.46 points or 0.82%. There were 23 winners, 20 losers and 7 invisible stocks. Cameco lost 0.2%, First Uranium gained 1.5%, Paladin gained 2.5%, Uranium One lost 0.4% and Uranium Participation lost 0.2%. The best daily winner was Ucore Uranium with a gain of 10.7% while the worst loser on the day was Powertech Uranium with a loss of 6.7%. Market Vectors Nuclear Energy ETF gained 0.4%.
The up trend continues but unfortunately seems to be losing steam. The one indicator that is still holding back a little is the volume indicator. Although the Index is in new recent highs the volume indicator is still below its late Feb high. The intermediate term indicators all remain positive and the rating remains BULLISH. The short term moving average line is also above the intermediate term line for confirmation of the bull.
On the short term all remains positive here also. The momentum is getting close to its overbought zone but still has a little more to go. The short term remains BULLISH with the very short term moving average line confirming.
The Stochastic Oscillator still has another day before it gets into its overbought zone but anytime now it could reverse direction. The very short term moving average line continues upwards aggressively. The trend remains upward but do not be surprised if we get some hesitation in the move just about here. However, should the Index hesitate it should not be a serious event with the up trend continuing shortly thereafter.