Uranium Energy fib channel and target zones. UEC/CCJ points to 1.5. My target for cameco is $450, so 1.5x cameco is $675 UEC theoretical. That roughly aligns with the top of the fib channel. Typically, I sell above the .618 for stocks, and above the .786 for cryptos. Long runway ahead guys for Uranium.
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I’ve been in UEC since before the $.35 dip. I bought shares at $1.77 that I held through the dip, and still have them. I bought much heavier pre-Kerrisdale short, which brought my average price to 3.40ish, so I’m all long term cap gains, and up 50% roughly. No need to touch it. I own 29,000 shares.
Sell at $5.50+... and buy back when it retests $3.50. Volatility is your friend.
Shammus01
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@mudguts222jb, Hi friend. I see what you’re saying about $3.50, and I’m hoping it doesn’t retrace the prior overhead that soon. But, I agree with you that, technically, $3.50 retrace can happen. I’m a long term holder, and not looking to trade the swings for tax purposes. I like to pay almost no tax, and live frugally while my long term assets crush it. Thank you for your comments, help, and direction. I have nothing against swing traders, and I think you’re right
mudguts222jb
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Buy and hold is frustrating with commodities. But if I was going to hold one, it would be uranium.
Yes, the URA/UX chart shows the inverse H&S, and mines are near record lows vis a vis spot. The U bull run has not even begun, and it’s been the best-performing segment so far this year
Shammus01
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@mudguts222jb, I don’t know if we get a full $3.50 retrace honestly. My gut says no
mudguts222jb
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@Shammus01, UEC has spent most of the past year between $3.50 and $4. I think there would have to be opportunities under $3.90 later this quarter.
Volatility is your friend.