In the past two weeks, I have notified readers in my weekly uranium sector round ups that the uranium price was displaying bearish reversal patterns. This has played out with not just uranium taking a dump, but energy as a whole.
Uranium is now at an important technical zone. The Sprott Uranium Physical Trust confirmed a head and shoulders reversal pattern with a breakdown below $16.40. We are seeing a bounce, but I suspect this will lead to a lower high taking us down one more leg to the support at the $14.50 zone. However the Global X Uranium ETF, URA, might have some positives for uranium bulls. This ETF sold off hard and has hit its support target at the $18.00 zone. In the past two trading days, we have seen daily candles with large wicks. This indicates that there are buyers here.
Major support zones tend to be the […]
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