I know everyone wants to be bullish uranium, but to me the chart doesn't looks as great as everyone thinks it does.
UUUU looks to be forming a monthly lower high, which could setup a move back down to $2.48 over the next year or so.
First stop on a move down would be $6.11, then $4.46, where I think we'd find shorter term support.
Then longer term over the course of the next year, I can see UUUU heading back to the range it broke out from.
Let's see what happens.
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Now that we're at the support of the structure, will the structure break to the downside? My vote is yes. Still think we see $6.11 and potentially a low of $4.46 if we get an extreme move down.
Even if there's a pop on earnings, the trend is down.
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Yikes, already broke the $6.11 support. $4.46 is next. Now down 40%+
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Update:
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This chart still looks ugly as ever. $2.48 still coming soon...
@benjihyam you need to look at fundamentals bud. technicals only is like trying to diagnose cancer with only a temp check lol.
benjihyam
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@CountFortune, clearly you don't know what you're talking about
DerekQuick
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@benjihyam no you clearly don't lmao get your head out of the sand. Uranium -we are in 1970s Uranium U.S. accumulation environment again. Bullish on U.S. Uranium Renaissance in mining, production & soon enrichment. Bet on America & its higly probable to win. $200+ uranium is coming. Oil crisis/inflation t.co/GKFS29OMFH
benjihyam
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@CountFortune, Got it. Link to someone else's analysis to prove your point. Time will tell who is right. While I agree on the long term fundamentals, that doesn't mean price can't go the opposite way in the short term.
your chart would have said my shares in UUUU at 90 cents was going to $0 fundamentals matter. uranium spot just hit $60 near an 11 year high.
benjihyam
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@CountFortune let price action play out over the coming weeks/months and then you can come back and say that fundamentals matter over technicals. Again, I agree on the long term thesis, but I'm not seeing higher prices in the short term.