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.
These past 6 days the Daily Index has moved in a very tight lateral box. I haven’t seen action this tight for so long in quite a while. Sooner or later it will have to break out. This sideways motion is one way of getting to the up trend support line without actually losing any points. It’s still a few more days before it gets there and anything can happen in the mean time. Other than that nothing much is happening.
The Merv’s Daily Uranium Index closed higher by 1.03 points or 0.62%. There were 21 winners, 18 losers and 11 stocks whistling in the wind. Cameco gained 0.1%, Extract gained 3.0%, Fronteer gained 0.1%, Paladin gained 0.6% and Uranium One gained 0.9%. The best daily winner was Bannerman with a gain of 19.4% while the loser of the day was Pele Mountain with a loss of 8.8%. Market Vectors Nuclear Energy ETF lost 0.9%.
As mentioned, nothing much was happening today so both the short and intermediate term ratings remain BULLISH.
As for the immediate direction of least resistance, I guess I’ll go with the lateral as long as the Index stays in the box.