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.
Looks like the plunge has come to a stop but needs another day to verify. Still, until the Daily Index actually reverses I have to keep thinking in terms of more downside ahead. It’s all in the market action verifying one direction or the other and going with the flow.
The Merv’s Daily Uranium Index closed barely lower by 1.00 point or 0.38%. There were 21 winners, 23 losers and 6 stocks in a state of shock. Cameco lost 0.2%, Denison lost 1.1%, Extract lost 2.2%, Paladin gained 1.5% and Uranium One gained 1.2%. The best daily winner was Crosshair with a gain of 6.8% while the loser of the day was Mucusani with a loss of 8.4%. Market Vectors Uranium-Nuclear Energy ETF gained 0.4% while Global X Uranium ETF lost 0.12%.
The interesting feature of today’s chart is the turning process of the short term momentum indicator and the fact that the Stochastic Oscillator has entered its oversold zone and seems to be starting a turn around. It is at a level from which many previous bounces or reversals had taken place. So, we might just expect a bounce of some sort tomorrow. I will go with a further lateral move before it turns around. Anyway, the ratings have not changed since yesterday.