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.
Well, the support at the 145 level has been breached and now we are holding our breadth to see if the one at 140 is going to hold or not. I’m still looking at the Stochastic Oscillator for encouragement and it shows a lateral drift rather than a downward trend. That’s about as much encouragement I can come up with.
The Merv’s Daily Uranium Index closed lower by 4.43 points or 3.02%. There were only 6 winners, 37 losers and 7 sleepers. Cameco lost 3.0%, Extract lost 6.7%, Fronteer lost 0.2%, Paladin lost 3.9% and Uranium One lost 3.7%. The best winner of the day was Xemplar Energy with a gain of 12.5% (that’s only a penny gain for an 8 cent stock) while the loser of the day was Tournigan with a loss of 14.8%. Market Vectors Nuclear Energy ETF lost 3.6%.
As you can guess, nothing in the indicators has changed and the ratings remain BEARISH for both the short and intermediate term.
As for the immediate direction of least resistance, that’s a hard one today. The Stochastic Oscillator has not been dropping as has the Index so one might be encouraged, however, all else is negative. I’ll stick with a lateral guess.