Uranium ETF (URA) is firing on multiple indicators today after news of House committee approving bill to ban Russian uranium imports
- MACD Cross on weekly chart
- OBV continues upwards trajectory
- Pennant forming above 200 week SMA
- 0.618 fib level is $45 (100%+ opportunity
Hi Guys! This is a Technical Analysis Update on Sprott Uranium Miners ETF (URNM) on the 1 Week Timeframe.
URNM was able to BREAK Above the 2 year Resistance line and close Friday with a Strong body candle close.
It was accompanied with a VOLUME SPIKE, which shows follow through and supports price action.
This is the 1st step in attempting a Trend Change.
2nd...
The price of uranium has moved significantly higher over the past few days, approaching the expected high of the turquoise wave 2. As a result, we expect the price to begin a longer-term downtrend in the not too distant future This is necessary in order to form the superior green wave (C), the end of which we see likely just above the support at $12.17. The focus...
This is an update to my April 2021 idea on the Uranium ETF:
As you see, the price rallied following March's Golden Cross on the 1W chart and so far the 1W MA50 (blue trend-line) has been holding as Support (which was my biggest concern back then), offering a great dip buy opportunity on August 16.
What's even more interesting is that the asset has been...
Bullish engulfing forming with the last green candle absorbsing the last 3 candles.
-/ In order for the bullish engulfing to confirm, the next candle must be green.
-/ If not confirmed, price could test the 50 days MA, before accelerating.
-/ RSI and Stochastics are in positive territory and look good.
STRATEGIC PROJECT PORTFOLIO:
-/ 90% interest in flagship...
A resistance or support is like a door, the more you hit it, the highest chance it may break.
Goviex has a huge uranium deposit in Niger.
There is also some political risk as Niger defines political risk.
The stock could trade sideways for some time, but in the mid to long term I expect this stock to do well once uranium prices move higher.
The Uranium ETF has sustained an uptrend since March 2020, with is rise resembling other bullish stock markets. Perhaps the most important development is the formation of the Golden Cross (MA50 crossing above the MA200) on the 1W time-frame. The 1W MA50 (blue trend-line) has been the Resistance throughout its multi-year downtrend. Can it now provide Support for a...
