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.
That is the most encouraging up tick for many weeks. However, we should not get too enthused as the bounce in mid-May went no where and it looked much like this one is looking. However, every rally or trend reversal has to start from somewhere.
The Merv’s Daily Uranium Index closed higher by 3.70 points or 2.65%. There were 29 daily winners, 13 daily losers and 8 stocks that don’t seem to have a clue. Cameco gained 4.3%, Extract didn’t seem to have a clue, Fronteer gained 5.2%, Paladin gained 2.2% and Uranium One gained 2.1%. The best winner of the day was Energy Fuels with a gain of 28.6% while the loser of the day was Rockgate Capital with a loss of 7.4%. Market Vectors Nuclear Energy ETF gained 3.1%.
The intermediate term still has a way to go before it starts to improve its rating The rating remains BEARISH.
The short term is getting very close to some up grade in rating but despite today’s gain in the Index the rating still remains at BEARISH.
As for the direction of least resistance, I am sticking with my yesterday’s positive direction. It worked today, maybe it will work again tomorrow. It’s still the Stochastic Oscillator giving us the most positive signal although the Daily Index has closed above the very short term moving average line and the line slope has now turned to the up side.