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.
The Daily Index action remains inside that downward sloping wedge pattern and is on top of its lower support line. From the short term momentum indicator indications are that the support will not hold but I’d be inclined to give it one more day. Even should it break support I don’t really see the move breaking into new low intra day levels, i.e. below the plunge low. That’s hope, as for technicals, well they are not saying anything one way or the other except that the down side is still in command until a reversal can take hold.
The Merv’s Daily Uranium Index closed the day on the down side by 4.82 points or 2.57%. There were 6 winners, 40 losers and 4 bummers. Cameco lost 1.3%, Denison lost 5.0%, Extract lost 4.7%, Paladin gained 0.3% and Uranium One lost 4.7%. The best winner was Xemplar Energy with a gain of 5.6% while the worst loser was Wealth Minerals with a loss of 12.9%. Market Vectors Uranium + Nuclear Energy ETF lost 2.5% while Global X Uranium ETF lost 2.8%.
All indicators are negative and their moving averages or trigger lines are also negative. Therefore all three time period ratings remain BEARISH.