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, I may be back home but I’m still on sort of a vacation schedule. Do not be surprised if some of these posts do not get on the site until later in the evening.
The Daily Index dropped as expected and unfortunately it looks like there may be more to come. The next real support is at around the 154 level but it may not get quite that far. We’ll just have to play this one day at a time.
The Merv's Daily Uranium Index closed lower by 1.72 points or 1.06%. There were 10 winners, 28 losers and 12 sleepers. Cameco lost 1.5%, Extract was a sleeper again, Fronteer gained 2.4%, Paladin was another sleeper and Uranium One lost 2.6%. The best winner of the day was Tournigan with a gain of 11.1% while the loser of the day was Uranium Resources with a loss of 7.0%. Market Vectors Nuclear Energy ETF lost 1.0%
That was fast. Yesterday the long term rating was up graded to + Neutral because the Index closed above its moving average line. Today, it closed below the line and we are back to a long term rating of BEARISH.
There has been no change in the intermediate term indicators so the rating remains BULLISH.
There has been no real change in the short term indicators either with the rating remaining at BULLISH. However, the interesting short term momentum indicator has reversed its direction, closed below its overbought zone and broke the up trend line, all indicating further downside action as the most likely ahead. On the immediate direction of least resistance I am therefore going with the down side.