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ASXcowboy

6,327 Posts.

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23/05/18

19:19

Post #: 33277731
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Originally posted by Jako8557 ↑

Two days into the week, and Uranium Futures have continued higher (so far), which in some fashion helps to confirm the buying in the previous weekly bar.
The Uranium ETF (so far) has pulled back again, but the trading has looked like it might be undergoing "Potentially Bullish Absorption" for a few weeks now (general features of potentially bullish absorption are 'a pressing nature towards to upside', 'downbars which threaten a breakdown, but fail to follow through, and instead the next bar closes higher', and 'some relatively tight or clustering of closes').

Something more important or serious may be developing here......there is an obvious short term level (arrowed) above the current price on both charts. If this level is successfully reached on both charts, I would expect a period of consolidation in the short term, and following that a new (up) trend may be in position to develop.

Weekly charts below (last bar still incomplete)-
View attachment 1115899

cheers

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XCL Price at posting: 0.0¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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