For all you Uranium enthusiasts out there…
Assuming that USD has gone bearish (let’s watch for a weekly close below the Sept. low) the commodity complex gets interesting. We have already looked at broad commodities and crude oil (DBC and USO) and now let’s take a look at an outlier, Uranium, using the Global X Uranium fund URA.
This chart is so very clear. Lateral support is joined by the EMA and SMA 50’s to form short-term support (7.70 to 7.80), which can be used as a stop loss with what ever wiggle room one might want to give it. The support has been tested a bit and I like that it is now in its 6th day holding it.
Buy Target: 7.70 to current level (8.00).
Sell Target: SMA 200, currently 9.70 and declining (or anywhere profit is deemed acceptable).
Stop Loss: A break below support with a leash long or short enough to be aligned with risk tolerance.
A reminder that chart based NFTRH+ updates are just trade setup ideas, which may not be revisited as the parameters are already noted. They are meant as a starting point for further research if interested. Fundamentals-based ideas are also provided for your further research only. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst.