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Uranium

Uranium - Is it getting ready for yet another rally? Over the past two years, the uranium sector has been experiencing a deficit on the supply side which led to a surge of more than 300% in the price of Global X Uranium ETF. The situation was even further exacerbated when in January 2022 Kazakhstan, world's largest producer, saw civil unrest spreading across the country. We foresee the deficit in the uranium market to be persistent throughout the whole year 2022 which we expect to have a positive impact on the price of this yellow metal. Recently, URA ETF saw bullish developments taking place on the daily time frame which possibly sets it for another rally. Top ten biggest producers of uranium by country (2020): 1. Kazakhstan = 19 477 tonnes (approximately 41% of world supply) 2. Australia = 6 203 tonnes 3. Namibia = 5 413 tonnes 4. Canada = 3 885 tonnes 5. Uzbekistan = 3 500 tonnes 6. Niger = 2 991 tonnes 7. Russia = 2 846 tonnes 8. China = 1 885 tonnes 9. Ukraine = 744 tonnes 10. India = 400 tonnes Meanwhile, the U.S. produced only 6 tonnes of uranium in 2020 which leaves it heavily dependent on foreign producers. Technical analysis - daily time frame RSI is very bullish. MACD is bullish, though it still remains in the bearish territory. Stochastic is bullish. DM+ and DM- performed bullish crossover recently. However, ADX contains low value which suggests no trend is currently present in URA. Overall, the daily time frame is bullish. Illustration 1.01 Picture above depicts the daily chart of the URA ETF. It also shows resistance at slope. We will observe price action closely and we will look whether it manages to break above the resistance. If breakout occurs, then we expect such a phenomenon to strongly bolster the bullish case for the URA ETF. Technical analysis - weekly time frame RSI continues to develop bearish structure. However, it already reversed which is bullish. We will watch whether it will manage to break its bearish structure. MACD is bearish but it shows first signs of flattening. Stochastic oscillates in the bearish territory, however, it points to the upside at the moment. DM+ and DM- show bearish conditions in the market. ADX suggests a lack of prevailing trend. Overall, the weekly time frame is bearish but signals very weak or no trend at all. Support and resistance Major resistance lies at 31.60 USD. Short-term resistance sits at 23.26 USD. Resistance 1 is at 26.37 USD and Resistance 2 at 28.72 USD. Resistance 3 is at 29.77 USD. Short-term support sits at 21.72 USD. Support 2 can be found at 17.23 USD. Please feel free to express your own ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
AMEX:URALong
by Tradersweekly
4
SPROTT Physical Uranium Trust. A Simple Short-Term Trade.TSX:U.U is showing an ascending triangle on the hourly that spans the past eight trading days. This is a simple trade with the stop loss below the swing low and the target at the height of the triangle. Gives us a 6.83% potential profit to 3.1% potential loss, a reward-risk ratio of 2.22. Of course that depends on whether the triangle breaks upwards in the first place. If it does, we have a confirmation and the trade is on. I anticipate it going up because the Dollar is weakening and commodities are going up. Good luck with the trade.
TSX:U.ULong
by TechNerdOmar
URANIUM might disappointAt the risk of sounding like a bear I think we have come too far, which is why we have seen the sharp pullback of late, I regret that I didn't catch this bearish divergence as it was emerging but my focus was elsewhere... Let's imagine we have completed the first five waves from the 2020 bottom. That means that we are overdue a pullback that retraces a good proportion of the first wave. I believe in Uranium and CCJ and am waiting for a better position, but for now, I'm not a buyer at the 200 day MA. I'll layer into names like PDN and AGE etc. as we approach the 0.5 retracement, but there may be more pain if we get a wider market pullback in future. Hoping I'm wrong for the uranium bulls out there but I'm gonna stay conservative for now, good luck friends!
NYSE:CCJLong
by ptero1492
2
URA- D1 - DOUBLE BOTTOM IN PROGRESS !MEDIUM / LONG TERM BUYING OPPORTUNITY WITH A STRONG STORY BEHIND !!! BUY AT CURRENT LEVEL AND ADD ON DIPS. MEDIUM/LONG TERM TARGET : $ 37.05 - $ 55.68 - $ 70.73 DAILY (D1) : Yesterday's price action triggered a potential double bottom formation in progress coupled with a RSI bullish divergence. In addition, the daily closing price (@24.30) is above the Tenkan-Sen (@ 24.14) An upside breakout of $25.85 (double bottom trigger level) & 38.2% Fib retracement, would activate this ongoing formation (DB) in opening the door for a technical target of $ 29.27, which is also, by the way, roughly the top level of the daily clouds resistance area. WEEKLY (W1) : Recent price action from the top ($31.60) is an healthy consolidation move in a broad bull trend still in place. Indeed, the primary uptrend support line is still intact and is also coinciding with the weekly clouds support area. In addition, the 61.8% Fibonacci retracement @ 22.72 has been filled (with an intraweek low @ 22.43. A weekly closing above KS and Mid Bollinger Band, respectively @ 24.42 and 24.52 would add further support for further upside towards, firstly the TS, currently ƒ 27.02 ahead of 29.27 technical double bottom target above mentioned. Interesting to note that the 29.27 level coincides also with the middle of the long black candle which triggered this consolidation move. A weekly closing above 29.27 would be seen as a very positive signal, calling for a retest of former high @ 31.60 ahead of higher level MONTHLY (M1) : Uptrend intact, above the monthly clouds, above the Kijun-Sen and the Mid Bollinger band. Watch the Lagging line which after having broken the clouds is again inside the clouds. A new upside breakout of the clouds would also add further support for higher levels. As you can see on this monthly chart, there is plenty of space to the upside and my strategic technical target are the following : Target 1 : 31.60 Target 2 : 37.05 Target 3 : 55.68 Target 4 : 70.73 For your information, there is also another vehicle investment in this URANIUM theme and on my view it is the best one : Strategy Certificate sur U3O8 RENAISSANCE Portfolio Sous-jacent: U3O8 RENAISSANCE Portfolio Catégorie de produit ASPS/EUSIPA Tracker Certificates (1300) ISIN: CH0441692628 /Valor: 44169262 Last price (December 15th 2021) $ 1879.31 - $ 1898.29 Ironman8848 & Jean-Pierre Burki
AMEX:URALong
by Ironman8848