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.
A very minor hesitation to the latest advance, signifying nothing in particular. This hesitation was to be expected. That previous short term resistance line has now become a support line (it says so, somewhere here in my technical bible). How important it eventually becomes is yet to be seen but I don’t expect it to be breached to the down side.
The Merv’s Daily Uranium Index closed lower by 0.48 points or 0.27%, barely perceptible. There were 17 winners, 23 losers and 10 stocks confused. Cameco lost 0.3%, First Uranium lost 0.7%, Paladin lost 2.2%, Uranium One lost 2.1% and Uranium Participation was confused. The best winner of the day was Quest Uranium with a gain of 10.3% while the worst loser was Forum Uranium with a loss of 6.9%. Market Vectors Nuclear Energy ETF lost 1.2%.
Once again nothing has changed with today’s market action. Both the intermediate and short term ratings remained BULLISH
As for the immediate direction of least resistance, that is another one of those neutral guesses with the lateral trend. The very short term moving average line is still quite positive in its trend but the Stochastic Oscillator is in a topping mode. It has not yet reversed direction and could still move a little higher but it does seem like some steam has been let out of its move.
I’m just about finished with my periodic review of the uranium stocks and hopefully I’ll have my update finished before the week-end. There will be a few changes in the Index component list. As Ryan reminded me there will be a major stock included in the Index. Extract Res. Is one of the biggies but had not been included because of limited historical North American trading data. It now has just enough data available to be included into the Index and will be one of the new stocks. Others have still to be determined. As mentioned in the past, to be included into the Index the stock must have at least a year of relative active trading data on the North American market. In addition, of the 50 component stocks I try to include at least the top 25 stocks by market value (at the time of inclusion). Over the range of 25 stocks the market values range from a high of $10.7 Billion down to $50 Million. Quite a range.