A few weeks ago, I mentioned to readers that all energy markets were showing signs of major breakdowns. Uranium was included, and we called the move lower. In this uranium sector roundup, we will go over the charts before looking at Athabasca Basin based news.
Let’s start with some positivity: uranium has recovered and is back over $50! Now the kind of bad news. We have seen a bounce in energy which initially may feel like a reversal… However, these moves (including in the oil markets!) seem to be just a relief rally to retest the breakdown zones. Meaning that the downtrend is still in play unless energy markets can reclaim what was once recent support.
For uranium, this is occurring right now. The $50.35-40 zone is the neckline (or resistance/price ceiling) of the head and shoulders pattern I pointed out to readers. Here’s a quick reminder of how that pattern […]
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