Uranium and the sentiment cycle

AMEX:URA   Global X Uranium ETF
Once you work with Justin Mamis' sentiment cycle you start to see it everywhere.

URA and uranium stocks have done very well after breaking out of a long consolidation. This perspective looks at a potential scenario for the sentiment cycle with Fibonacci confluence zones and volume weighted average prices anchored to key areas.

AVWAPs anchored to the 5/31 breakout, sentiment shift in early October, and early November align to areas that we would look for a subtle and overt warning, and a shift from disbelief to panic. Should this result in a further drawdown we will likely see 24.5-26 act as support before a recovery. In a more violent sell off we'll look for 21.10-21.80 to hold. The next overhead resistance should begin between 32.60-35.39.


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