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.
Although the day closed very, very slightly on the down side that close was still slightly above the down trend line . This was primarily because of the lateral daily move to the right. This alone caused the cross. Let’s not get too excited until the move gives us a decent upside close. Then the next area to watch is that top from 3 weeks back. That would give us a bullish move of higher lows and higher highs.
The Merv’s Daily Uranium Index closed lower by 0.11 points or 0.07%. There were 17 winners, 20 losers and 13 going nowhere. Cameco lost 0.3%, Extract gained 4.2%, Fronteer lost 0.4%, Paladin lost 2.0% and Uranium One went nowhere. The best daily gainer was Uranium Resources with a gain of 34.0% while the loser of the day was First Uranium with a loss of 8.3%. Market Vectors Nuclear Energy ETF gained 0.5%.
The intermediate term remains some distance from any kind of change to its rating, which remains BEARISH.
On the short term the indicators remain as they were yesterday. The rating therefore remains BULLISH. It should be noted that the very short term moving average line has not yet crossed above the short term line and has not yet confirmed this bull.
As for the immediate direction of least resistance, I will stick with the lateral. Although it looks like everything is moving towards the up side the Stochastic Oscillator is getting close to its overbought zone and may dull the Index move.