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.
A little late but better late than never. The uranium stocks perked up a little more today and the Daily Index is starting to look better and better. So far only the short term has really been affected but trends usually reverse starting with the shortest term.
The Merv's Daily Uranium Index closed on the up side by 2.44 points or 1.68%. There were 25 winners, 13 losers and 12 sleepers. Cameco gained 4.9%, Extract was a sleeper, Fronteer gained 1.3%, Paladin gained 1.5% and uranium One gained 2.5%. The best daily winner was Bannerman with a gain of 32.1% while the loser of the day was Tournigan with a loss of 15.0%. Market Vectors Nuclear Energy ETF gained 0.8%.
Nothing has changed in the intermediate term yet so I’ll just go directly to the rating, which remains BEARISH.
As for the short term That’s where the action is. The Daily Index is now nicely above its short term moving average line and the line is now sloping upwards. The momentum indicator has just inched its way into the positive zone and above a positive trigger line. The daily volume action is also perking up but we need more days of reasonable volume activity. In the mean time the short term rating has now gone all the way to a BULLISH rating.
For the immediate direction of least resistance, I will stick with the up side but there is some concern that the momentum of the move is slowing down and a rest or reaction may not be far away.