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.
Another up day in the Daily Index but things look like a rest period is very close, maybe not tomorrow but very close. Tomorrow should be a deciding day for the trend over the next several days.
The Merv’s Daily Uranium Index closed higher by 2.64 points or 1.80%. There were 30 winners, 10 losers and 10 sleepers. Cameco gained 2.8%, Extract gained 1.7%, Fronteer gained 1.3%, Paladin gained 0.9% and Uranium One gained 1.4%. The best daily winner was Tournigan with a gain of 17.7% while the worst daily loser was Xemplar Energy with a loss of 11.1%. Market Vectors Nuclear Energy ETF gained 1.1%.
The intermediate term is very, very close to improving its rating. Another day should do it but not yet today. We do see that the momentum of this rally is stronger versus the previous rally attempts. For the past two months the rally would just move for a few days and then roll over. This time the momentum is improving and has reached a higher level than anytime in the past 2 months. A rest period may be ahead but it should be a short one. In the mean time the intermediate term rating remains BEARISH but looking like that rating may have seen its end of run.
On the short term the rating went bullish yesterday and everything continues positive. We now have the very short term moving average line above the short term line for confirmation of the bull. Short term the rating remains BULLISH.
As for the direction of least resistance I will still go with another up day but would not be too surprised id the upside reaches a ceiling for now and the Index takes a rest.