Uranium Energy is it right time to buy?Price Levels and Trends
1. Resistance Levels:
$7.70: The price has faced resistance at this level recently.
$7.68: Another resistance point that the price recently touched but failed to break.
2. Support Levels:
$5.83: The current support level, which has held the price from falling further.
$4.35: The next support level, indicating potential support if the price drops below $5.83.
$2.40: A historical support level from previous years.
$0.5792: A very low historical support level, indicating the minimum price over the chart's timeframe.
Trend Analysis
Uptrend Channel : The price is moving within an ascending channel, with higher highs and higher lows. The upper trendline acts as resistance while the lower trendline acts as support.
Current Position : The price recently hit the upper resistance of the channel around $7.68-$7.70 and has retraced to the support level around $5.83.
Indicators
1. Stochastic RSI:
Current Value: The Stochastic RSI is around 62.61, indicating a neutral to slightly overbought condition. This suggests there might be some room for the price to move up before becoming overbought, but caution is warranted.
2. Cumulative Volume Delta (CVD):
Current Value: The CVD is showing a significant negative value (-35.662M), indicating that selling pressure has been dominant. This could mean that despite price increases, sellers have been in control, potentially foreshadowing further price declines or consolidation.
