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.
Posted earlier was my point and figure chart of the Merv’s Daily Uranium Index. Quickly, red lines bearish, blue lines bullish, the thicker the line the more important its message. On the chart are the existing important projections, two from the original break-out and two from the latest break-out. Projections are just guides and should NEVER be taken as absolute. The initial projection (to 300) is usually met about 80% of the time. Subsequent projections are therefore getting closer and closer to reversal points and sooner or later one will not be met.
Today’s action continues the slide. Do not be surprised if the trend takes the Index to the 195 level, give or take a few points. That would be normal. As for a turn back to the up side, I don’t see that immediately but who knows? It’s better to keep track of the action every day and go with the flow.
The Merv’s Daily Uranium Index closed down on the day by 3.42 points or 1.55%. There were 9 winners, 37 losers and 4 stocks hiding under the covers. Cameco lost 1.0%, Extract lost 2.8%, Fronteer gained 2.6%, Paladin lost 0.6% and Uranium One gained 0.6%. The best winner of the day was Pele Mountain with a fantastic 5.5% gain while the loser of the day was Khan Resources with a loss of 19.6%. Market Vectors Nuclear Energy ETF lost 0.5%.
Nothing has changed today in the indicators or ratings. The intermediate and short term ratings remain BULLISH. The immediate direction of least resistance continues to be to the down side.