InvestingScope

Uranium: An early opportunity for a multi-year bull market?

Long
NYMEX:UX1!   None
Uranium has broken through its multi-year bearish trend in August as it broke the Lower High trend line on the monthly chart. To the disappointment of investors it was rejected just below 30.00 and last week it touched the previous Lower High trend line again only this time from above. If it rebounds on that level, then it would mean that it would have successfully tested its previous long term Resistance as a Support. In turn this may create a sustainable (at least) Channel Up and establish the conditions for a multi-year bull market. The monthly chart is on neutral technical action ( RSI = 47.913, MACD = 0.320, CCI = 10.3162) which indicates the presence of a support level .

Investors who seek early buy opportunities on undervalued assets and bull cycles in the making before much attention is drawn, should definitely start taking a closer look at Uranium. Our target is 33.50 with 44.00 as a possible extension.








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