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.
Slow and steady wins the race but I’d sooner see fast and furious to get the old juices flowing. One thing I don’t like to see is a closing price that is lower than the opening price, even if the close is still on the up side versus the previous day. This suggests that the pressure was more towards the down side near the close and weakness may be entering into the activity. It’s not a trend killer but I just don’t like that kind of daily action. We’ll see what transpires tomorrow.
As the activity is slowly moving higher and sideways it is getting closer to breaking above that down trend line. Maybe the line, a resistance line, was the reason speculators may be pulling back. They also might be waiting to see what transpires at this point.
The intermediate term indicators are still some distance from any significant changes so the intermediate term rating remains BEARISH.
As for the short term indicators, the Daily Index had crossed above the short term moving average line but by the end of the day it closed below the line. The line itself is still very slightly pointing downward. Maybe tomorrow will be different. The momentum indicator continues t move higher but is still in its negative zone. It is, however, above its positive trigger line. The volume activity is still pretty low and needs to perk up. For today the short term rating has improve slightluy and is now a + NEUTRAL rating.
As for the immediate direction of least resistance, with all the very short term indicators continuing to move higher the up side should be the direction, however, I am just cautious due to today’s action as the Index hit the down trend line. I’ll go with the lateral direction for tomorrow.