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.
We sure don’t seem to be getting our higher high to go along with the higher low. The direction of motion seems now to be back to the dark side. I’m not sure if that up trend line can hold but still, at this time I don’t see the Index going below the May low. Time will tell. Uranium continues to trade above its previous $40 low but not by much above that price. This week it remained unchanged.
The Merv’s Daily Uranium Index closed lower by 1.99 points or 1.33%. There were only 8 winners and 31 losers with 11 fast asleep. Cameco lost 1.9%, Extract was asleep, Fronteer lost 1.4%, Paladin lost 3.9% and Uranium One gained 3.4%. The best winner was Pele Mountain with a gain of 10.0% while the worst loser was Uranium Resources with a loss of 13.8%. Market Vectors Nuclear Energy ETF lost 2.2%.
Nothing much has affected the intermediate term so I’ll just go straight to the rating, which remains BEARISH.
On the short term the previous bullish rating has collapsed. The Index closed below its moving average line and the line has turned negative. The momentum indicator remains in its negative zone and has now dropped below its negative sloping trigger line. The daily volume action is not much help today. As for the short term rating, it has reversed back to a BEARISH rating. The very short term moving average line has turn down sharply but has not moved below the short term line for confirmation. Maybe tomorrow.
As for the direction of least resistance, I’ll stick with the lateral direction although the very short term indicators seem to be more bearish.