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.
Was that all there is to this latest bounce? I think not. Today was just a relaxation day. The indicators are still pointing to more upside so we should not worry about one minimal reversal day. Of course, should we get more of these days THEN we can start to worry again. The relaxation may be due to a resistance level at the 145 level. We had a support there earlier. Once a support is broken on the down side that support level often becomes a resistance level. That may be what we have here but the resistance does not look very strong.
The Merv’s Daily Uranium Index declined by 0.60 points or 0.42%. There were 13 winners, 25 losers and 12 stocks not pulling their weight. Cameco lost 0.0% (I say lost because it did close on the down side by a few pennies but not enough to show up on the % value), Extract was one of those not pulling their weight, Fronteer lost 2.5%, Paladin gained 0.9% and Uranium One lost 1.1%. The best daily winner was CanAlaska Uranium with a gain of 10.0% while the worst loser was Forsys Metals with a loss of 16.4%. Market Vectors Nuclear Energy ETF gained 0.5%.
The small daily loss has not affected the intermediate or short term ratings. Both time periods remain BEARISH.
As for the immediate direction of least resistance, I’ll continue with the up side as the Stochastic Oscillator continues aggressively on the up side and the very short term moving average line continues in an upward direction.