UUUU has been trading within this long-term range for 2.5 years or so. The EMAs confirm a range bound environment. It may be printing a higher low/back up after s sign of strength, if this was to be considered a Wyckoff re accumulation range. Narrative around the uranium industry is slowly changing globallly and becoming more positive. People are also becoming more aware of the uranium supply/demand imbalance which is looming.
Would look for a weekly close above $8 to help us confirm this is a breakout, higher volume would also be a confluent factor.
So far so good I’d say. Highest daily close in nearly two months and flipped a supply line into demand. Also retested $8 as support, just a case of waiting to see if this is a genuine breakout and letting it trend towards $10-12 in my opinion. Some resistance at $9 which will be telling because if the breakout is real should expect resistance to break.
mcmalloch
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False breakouts for sure and uranium can be very choppy. Still think bullish thesis is intact but seems we have to wait a while longer for the breakout of this macro range. Could see a larger pullback here still unfortunately.
gohanisrice
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What are your thoughts now that the weekly closed back below $8. I think better served looking at monthly as Uranium stocks tend to have a lot of false breakouts
mcmalloch
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4H trying to breakout and confirm a higher low, increased volume on this move as shown by the blue arrow.