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 good day at the markets. The Daily Index is pushing higher into new recovery high territory with the momentum indicator confirming the move. The volume indicator is a little behind but should catch up if the trend continues.
The Merv’s Daily Uranium Index closed higher by 2.14 points or 1.25%. There were 29 winners, 18 losers and only 3 stocks totally confused. Cameco lost 0.1%, Extract was totally confused, Fronteer lost 0.6%, Paladin gained 0.8% and Uranium One gained 3.4%. The best winner of the day was Forum Uranium with a gain of 25.0% (that’s $0.02 in real money). The worst loser of the day was Uracan Resources with a loss of 11.1%. Market Vectors Nuclear Energy ETF gained 0.4%.
Everything is moving in a positive direction. The only concern now is the fact that the short term momentum has entered its overbought zone and could turn around any day for a reversal warning. The more aggressive Stochastic Oscillator is not yet in its overbought zone so there is a difference of opinion here. This possibly suggests that there is still a day or more of upside action before we have to worry about a reversal but I’ll keep watching every day.
Anyway, with everything moving higher from an already positive position both the short and intermediate term ratings remain BULLISH.
The immediate direction of least resistance will stay on the up side for another day.