After The Close, 30 Mar 2011
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.
There is still nothing much in the recent trading that makes one expect that the bear is finished and a bull is about to start again. As far a technician is concerned, a trend in motion remains in motion until reversal has been established. Although we just might be in a lateral trend (with deep vertical price range) a reversal is not yet upon us so we just have to assume the bear continues. However, as noted, we just might be in a trading range between just above 170 to just below 220. It’s quite a deep range so a more reasonable range might come into play as time goes by but that’s about it for now.
The Merv’s Daily Uranium Index closed higher by 1.47 points or 0.75%. There were 31 winners, 14 losers and 5 going nowhere. Cameco gained 0.3%, Denison lost 3.7%, Extract lost 0.6%, Paladin gained 0.8% and Uranium One gained 2.1%. The best daily winner was a tie between Strathmore and Xemplar, each gaining 10.0%. The loser of the day was Rockgate with a loss of 20.9%. Market Vectors Uranium + Nuclear Energy ETF gained 1.8% as did Global X Uranium ETF.
As mentioned, nothing much has happened recently and the ratings for all three time periods remain BEARISH.