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.
We are in a bear market from the short and intermediate term. As for the long term, well we are still in a bull market but with a few more days like today that rating might just become iffy. The 235 level seems to be a support level from previous action. Let’s see how THAT works?
The Merv’s Daily Uranium Index closed down 9.12 points or 3.61%. There were only 2 winners today, 47 losers and one stock holding on for dear life. Cameco lost 2.0%, Denison lost 4.3%, Extract lost 8.7%, Paladin lost 4.9% and Uranium One lost 1.3%. The best daily winner from those two was Ur Energy with a gain of 3.5% while the loser of the day was Xemplar Energy with a loss of 10.3%. Market Vectors Uranium + Nuclear Energy ETF lost 2.9% while the Global X Uranium Index lost 4.5%.
On the intermediate term all indicators are negative except that the momentum indicator, although in free fall, is just a hair above its neutral line but below its negative trigger line. The rating remains BEARISH with the short term moving average now confirming the rating.
On the short term everything is negative. The momentum indicator has entered its oversold zone so one may now be looking towards some sort of relaxation or recovery, but it has not yet started. The short term rating remains BEARISH with the very short term moving average confirming.
As for the immediate direction of least resistance, that should be to the down side as everything is still pointing in that direction. The Stochastic Oscillator has entered its oversold zone so here too one can be expecting a rebound but the rebound has not yet entered the picture. Maybe tomorrow will have some more encouraging indicators.