Azincourt Energy (AAZ.V) at key support as uranium attempts to bounce

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 […]

About the author: StockMan
Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.
Posting Guidelines
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!


No comments yet