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.
A good day. Where, Oh where is that lateral move I keep suggesting will come? Oh well, you gets what you pay for. It’s a good thing I have my indicators and ratings to fall back upon and forget my guesses. We still have a potential negative divergence in the short and intermediate term momentum indicators and the Stochastic Oscillator continues to head lower below its negative trigger line and is just about to cross below its overbought line. The Index move continues to move higher with continuing lower strength. At some point it must reverse, BUT WHEN?
The Merv’s Daily Uranium Index closed on the up side with a gain of 4.85 points or 2.03%. There were 31 winners, 15 losers and 4 stocks going against both directions. Cameco gained 2.4%, Denison gained 8.2%, Extract gained 0.1%, Paladin gained 1.7% and Uranium One gained 5.1%. The best winner of the day was Forum Uranium with a gain of 22.6% while the loser of the day was U308 Corp. with a loss of 10.2%. Market Vectors Nuclear Energy ETF gained 3.2%.
With the Daily Index continuing higher the ratings remain unchanged for all three time periods, at a BULLISH rating. I’ll continue with my immediate direction of least resistance as lateral until I get it right. At some point the diminishing momentum of the move will come to an end with a reversal.