Run up hard this last leg and was overbought on the daily, weekly an monthly. RSI on the weekly diverged with price and broke through the upper RSI limit around the 29th. MAs way over extended.
That aside, the Sprott Physical had double topped for high probability resistance whilst being overbought on all period including the monthly. When the media chatter is very high and these technical's are over extended, its always a good place to reassess the position. Uranium v SPX is also technically resistant.
It comes back down on plenty of volume, so until is has a bit of a rest, I'm waiting for support around $4.60 min, but also looking at the distinct possibility she goes deeper into $4 support zones. It will need some time to flush out the enthusiasm.
BOE Price at posting:
$5.23 Sentiment: None Disclosure: Not Held
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