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GLOBAL X FDSGG

GLOBAL X FDS

139,220COPD
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At close at Jun 10, 20:52 GMT
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URA trade ideas

URA: Incredible Weekly Set UpGood morning. With the cryptocurrency and weed markets still in consolidation, I've been sitting on cash waiting for a good long term set up. Uranium is probably the most hated market of all right now. It's seen nothing but downside for the past 11 years, but is beginning to show hope with this setup. While AMEX:URA isn't a perfect tracker of the Uranium futures market, it is one of the better ways to capitalize on the commodity as Uranium sets up bullish on the weekly chart as well. Oversold RSI What I've noticed is that a low was established in 2016 along with an oversold condition in the RSI and has been respected when recently tested on a false break out to the downside. This creates a good case for a long term bottom in the market and potential for the start of a Uranium bull market. Descending Triangle Price has been squeezing down since Feb of 2017. That's 2 years of coiling price waiting for a breakout. What we saw in December was a bearish breakout to the downside rejected when faced with it's all time low. This is a good sign. Price has now reversed and broken to the upside of the triangle pattern. This is also a good sign. Increased Volume Along with a bottoming formation, an Oversold RSI, and a Descending Triangle Breakout, volume has increased dramatically for AMEX:URA . This is a sign that there may be some interest entering the Uranium market after a long 11 years. Challenges While these are bullish signs for AMEX:URA , there are still some risks that Uranium could linger at the bottom for a number of years: Lack of Interest in Uranium 100 and 200 Weekly MA Resistance It is possible this breakout is shut down by the 100 and 200 MA, and we linger at the bottom for a number of years. Even so, this is a great time for me to accumulate for the longer term. Thanks for stopping by! Find Me on the Internet AssetGuild.com Twitter Instagram YouTube StockTwits Room Discord Telegram @micahmiller Nothing in this post shall be taken as person financial advice. This is personal opinion and educational content only.
ALong
by micahjmiller