Where are my Uranium bulls? $URA – January 5, 2023
URA FCX
This is Scott with your Chart of the Day. Where are my Uranium ( NYSEARCA: URA ) bulls at? I actually haven’t looked at Uranium ( NYSEARCA: URA ) in a while because as you can see from this chart it is still in a pretty strong downtrend. It is under the 50-day, under the 200-day, under the 100-day, and it’s just been sloppy and choppy. But I have noticed that it is starting to print some potential higher lows.
If I zoom out here you can see we can connect some tops from the high back here in September of 2021 all the way down. I know it’s not perfect, we’re kind of cutting through here, but you get the idea. There is clear resistance right around this zone. Then we have some clear support right around that zone. Support, support, support, progressively higher support, but progressively lower highs.
And so it is in kind of in an interesting spot here where I don’t know which way it’s going to break. It could very well turn into one giant bear flag that then breaks down and ends the Uranium ( NYSEARCA: URA ) bull run for another 5 years or so. But when I see stocks like FCX ( NYSE: FCX ), which I know are not Uranium ( NYSEARCA: URA ) stocks but still commodity stocks, breaking out on pretty good volume on a day when the rest of the market is down, that kind of makes me a little bit more open-minded to a continuation of this move to the upside.
And so while I still think it’s early I don’t want you to lose track of the Uranium ( NYSEARCA: URA ) ETF because I think it can still tighten up. It may take a couple of months but it has potential. I wanted to bring this to your attention, I hope it’s helpful, and I hope you’re trading well.
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