It's currently trading below all its MAs, which shows the trend is quite bearish. However, RSI is now heading into oversold territory, which has typically seen trend reversals around these levels.
Fridays session closed the gap at $2.48, which is a plus. If we are seeing the start of a trend reversal in U stocks then BOE should initially head back to test its lower MAs and then onto $2.95 which is the POC (point of control) for the current consolidation zone.
We can assume $2.95 is average price shorters entered as BOE has a boat load of them. So expect this price to be defended initially.
IF (and it's a big IF) uranium markets or BOE have an exogenous shock - of the good kind - and $2.95 gets gapped above that's when you will see a real short burn.
Plenty of games and trading to be done before anything like that is to be considered though so lets just focus on U stocks building a base here and see what happens from there.
If URA and CCJ start losing supports then all bets are off, so lets hope they don't.
BOE Daily .
All the best
DYOR GLTAH
BOE Price at posting:
$2.48 Sentiment: Buy Disclosure: Held
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