What the market is presenting:
Neckline kiss setup
Daily view shows one year distribution pattern
Weekly view shows massive double top pattern
You don't need to know what's going to happen next to make money ~Mark Douglas
Anything can happen ~Mark Douglas
Hello traders and investors, today we will talk about Uranium in which we see pretty nice and clean bullish development from Elliott wave perspective.
Uranium made strong and impulsive rally from March 2020 lows, clearly within a five-wave cycle which suggests a bullish reversal at least in three waves A/1-B/2-C/3.
After a completed five-wave cycle into wave A/1...
5-wave up impulse is done. Now WXY correction. Green box is a good buy zone. This set up is invalid if price drops below $6. Overall I’m bullish on #uranium.
This long is counter trend in some TF's. But price continues to opt-in for long as it breaks through several sources of confluence.
Most importantly the trade has a low risk / reward ratio.
Possible Context (not factored into trade):
Evolving currencies in the East are said to be backed by a broad basket of commodities.
A move towards Uranium as an energy...
This chart is relatively easy to read. A multi-year bottom in uranium prices has completed, and some commodity/energy experts are forecasting a rise in uranium prices. This weekly chart shows price is currently consolidating, which is the perfect time to set alerts and put on watch. I want to see stochastic %K(7), pink line, move down to 20 before buying in. ...
URA failed to make a higher high and got smashed at the .786 fib at $28.25. Weekly Money Flow and Momentum coming down. URA will hit the 1 fib at $17, and most likely the .618 retracement at $12.
Fun Fact: Despite Elon Musk's endorsement of nuclear energy, just focusing on Electric Vehicles, there is a metric called the "Wells-to-Wheel variable" that measures the...
bullish on uranium and expect this ETF to breakout soon
Support: $17
Resistance I: $43
Resistance II: $100
According to Munro, who is co-chair of the World Nuclear Association’s Nuclear Fuel Demand Working Group, “we are on the cusp of a new nuclear age in which decarbonisation imperatives collide head-on with unrealistic expectations of renewables...
Trade Idea Update: Global X Uranium ETF (URA).
Closing higher by a further 5.86% in the U.S a few hours ago.
In the 7 weeks since publication, a gain of +24%.
Major Constituent Movers Since:
- Cameco +45%
- Sprott Physical Uranium +41%
- Nexgen Energy +40%
Medium term traders can look to bank profits at the open in the U.S later today.
Original idea attached.
ABOUT:
This is part of my trading journal, please don't copy anything always do your own due-diligence.
URA swingtrade
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Open: 26.5839
TP: 30 - 35
SL: none
Symmetrical wedge on the monthly chart with large bias to the upside. All VWAPs and EMA clouds are underneath price, creating a great probability to push price to the upside in a big way. Current April candle is forming a bullish hammer as well (same with prior in March). Only drawback I see currently is the RSI has less room to the upside to realistically move....
Trading the long trend of uranium
As one of the least commodities which did not perform so well uranium has a good capacity to gain value. The situation with Russia and Ukraine also support this.
Triple MACD hidden bullish divergence, Hidden divergence on the RSI on the backtest, and on the move. Very strong accelerating volume trend as we approach the bullish control zone.
Where is the world heading to?
Nuclear energy? hope that's all.
Since march 2020 crash, URANIUM has not stopped rising in value (+354%), and since December 2020 volume has began to rise significantly.
There is high probability that it will reach new highs, from 35 to 60 usd, during this year 2022.
As my XAR analysis, I really hope I'm wrong this time.
Check my...
Original idea attached.
Global X Uranium ETF (URA) - Target of $25.90 has been met.
Gain +19.7% over the 3 weeks.
Just some related news in the last few minutes before the US market close:
U.S. WEIGHS SANCTIONS ON RUSSIAN NUCLEAR POWER SUPPLIER ROSATOM
NYSE Arca
