Global X Uranium ETFShort
sector due for pullback?
On the big picture we can see that we are in a large channel
Zooming in we can see a wedge forming and some bearish divergence as well on the indicators. In addition there are some gabs below that have not been filled. I am long term bullish on uranium but I am short term bearish on the sector as there has been some significant selling pressure stepping in as of late. The sweet spot to buy would be the bottom of the channel if it does get there and I think right now its a good time to shave some profits. Maybe some people want to sell some of their winners to buy gifts for Christmas who knows, but fundamentals remain intact.
Zooming in we can see a wedge forming and some bearish divergence as well on the indicators. In addition there are some gabs below that have not been filled. I am long term bullish on uranium but I am short term bearish on the sector as there has been some significant selling pressure stepping in as of late. The sweet spot to buy would be the bottom of the channel if it does get there and I think right now its a good time to shave some profits. Maybe some people want to sell some of their winners to buy gifts for Christmas who knows, but fundamentals remain intact.
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