Update-
The Glencore- London weekly chart came back and again dipped into the previous breakout zone, where enough support has again come in to halt a breakdown. The reduced volume as price came back suggests that no serious supply is being drawn out. However, the failure to accelerate away is starting to become a worry, as it leaves price vulnerable to a future supply event of some type.
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The LIT weekly chart (Lithium ETF), has made a strong attempt to breakout through the overhead potential resistance zone this week.
The response next week should again be positive, if this breakout is to be successful.
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I have recently been swapping back and forth between the Uranium Futures, and ETF weekly charts.
This week I put both side by side.
Neither look great.......The weekly Futures (XUX) chart saw price accelerate lower with an increased spread, however it still remains within the relative safety of the range of the two bar reversal (to the left). If price was to clearly break below that, a retest of the lows might come, but for now while trading is a bit tenuous, it is still OK.
The weekly URA (Uranium ETF) chart saw a slight upbar which eventually closed poorly, and has obviously drawn out some supply.
It also made a lower low than the previous week, but was able to recover, so price is also a bit vulnerable here, but is attempting to hold on.....and is doing so, so far.
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Finally the weekly REMX (Rare Earth ETF) chart has come back to the lows of the channel, after failing to reach the top on the last push higher (which is not a great look....). Price is doing a reasonable job of holding on so far, and enough support is present, to make a decent attempt at stopping a breakdown. Two weeks back saw quite high volume, which did not cause a breakdown, and this week saw much reduced supply, so the expectation is that sufficient support (or accumulation??) is now present. If the ETF is unable to hold within the channel, the two pivots lower should offer some attempt at supporting price on the way down.
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(20min delay)