EL8 CHART, page-643

Can it hold high 30s?.
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So we have now come down from high of 68 to a low of 37, finishing at 38, last week 39.5. Its clear its wanting to hold this level. Unfortunately, there are no big supports in this mid 30s level. So lets hope it gets to 40 soon. Otherwise it could be ugly. ust my thoughts, I could be wrong. As I have been writing small to mid caps in U sector have not done as well as big U stocks. But when downside happens, they still feel the pain.
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And please, its not that I want EL8 or U stocks to fall. I am just providing my thoughts on trading patterns. There are big pundits out there who know much more than me what is happening. So I could be completely wrong. But I got right that we may top in May end, and we will drop 30/40%. I may have been lucky.
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Here is my report for this week.
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• Uranium Sector overview - (My comments similar to last week) I made a call several weeks back that CCJ will make new highs between 55 to 60 in this phase of rally. It reached 56.24 on 31st May. Two weeks before end of May, I wrote there is a very good probability we will do tops in next 2 weeks. Somehow it played out that way. I wrote that after this CCJ may go towards 45, on Friday it play in 49. I also wrote, especially for high flying ASX big stocks which made huge gains, that they will peak by end of May, and then lose around 30 to 40%. Many have lost nearly 30%, some even more. I still feel it will go down more. Reason being I am thinking we may bottom when CCJ reaches around 45, still some time to go for that, another few weeks I think, before end of July, It will drag most U stocks down. If CCJ reverses from here, all bets are off and we could look for reversal in the sector. If CCJ loses 45, then 39 comes into play, that will be very bad for the sector. Odds favour CCJ bottoming at 45 in another few week. Next high around 65 we may see in September. That's the play I if it looks like happening that way, else will follow price action - no point in assuming anything. Till now my predictions have been close to what has played, but I may have been lucky in the calls.

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For those interested how stock is tracking against other Uranium stocks or who hold multiple Uranium stocks, I do a Weekly Report across 34 ASX U stocks for more than 3 years. It has got Weekly/Yearly data how stocks are tracking. Also figures for last year. I also have commentary across general markets and sector. Those just holding specific stocks, it may not be relevant, so please ignore.

Here is the report for this week
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https://hotcopper.com.au/threads/age-weekly-report.6580138/page-5#post-74639185
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