I completely missed the big move in Uranium and its miners. At first I was dismissive of the bounce due to the existing downtrend. That was despite a positive long-term view on the future of Uranium.
People have asked, implored and whispered sweet bullish nothings in my ear and I keep saying ‘have at it if you want, but I am holding out for a buying opportunity’. Where I will consider Uranium or the Uranium sector is represented by the clear support zone on the U.TO chart, to which the SMA 50 is rising.
As is typical of a Golden Cross of the SMA 50 above the SMA 200, the price is reacting downward. I love that. But after the initial and oh so predictable GC reaction this condition has a good chance to change the trends in the moving averages to up. What’s more, up volume has consistently dwarfed down volume and well, maybe it will just be time. Finally. Let’s see how it develops.
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