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 couple of upside days but nothing really important, yet. The feature that is most disconcerting is the daily volume; there is very little, if any, volume improvement on these upside days. That does not usually bode well. The recent action continues to look more like a topping activity than a new up trend continuation. Time will tell.
The Merv’s Daily Uranium Index closed higher by 5.11 points or 2.07%. There were 36 winners, 12 losers and 2 confused which way to go. Cameco gained 1.7%, Denison gained 6.6%, Extract lost 0.8%, Paladin gained 1.2% and Uranium One gained 4.1%. The best winner of the day was Wealth Minerals with a gain of 11.7% while the loser of the day was Continental Precious with a loss of 5.9%. Market Vectors Nuclear Energy ETF gained 1.3% while Global X Uranium ETF gained 1.1%.
The intermediate term indicators and rating remains unchanged from the week-end, i.e. BULLISH.
The short term is changing so there might be some encouragement here if things do not reverse. The Daily Index closed above its short term moving average line today and the line slope just perked to the up side by a wee bit. The momentum indicator is bouncing off its neutral line and the indicator remains in its positive zone. It closed right on top of its still negative trigger line. The daily volume is above its 15 day average but it is not what one would like to see. Much more upside volume is required to place any thought of a trend longevity (at this time). Putting all this together the short term has gone fully BULLISH although I would be more confident of the trend with volume improvement. The very short term moving average line has not yet climbed above the short term line and at present is giving us a non-confirmation of the bull. Maybe another day will do it.