Unfortunately for me, we had a brief power outage tonight, right when I was getting prepared for the weekly charts update.
And when the power was back, the chart software I use was corrupted and wouldn't open.
So after mucking around a bit, I reinstalled the software and got it up and running again, but sadly all my charts and the SR lines I had saved on them were lost.
Oh well......
This has put me a long way behind in the analysis, so I have only done a rough combined job tonight,
and will try to get back to normal again for next week.
Summary
Most charts this week suggest price will move sideways, after initially sweeping a little lower.
REMX continues to look the most promising in the near term, particularly if it can safely push above 18.50 in the next week or two.....
Glencore London (GLEN-LON)
Has previously seen price draw out supply above ~300, and has subsequently broken down.
This past week has seen price make an attempt at recovering some lost ground, however the relatively narrow spread on above average volume suggests supply is still present, and it was unable to get back over the line @302.75
If price is unable to recover that line, and price fails.......the breakdown will most likely be confirmed. Lithium ETF (LIT)
Spread or range is equivalent to volatility. This week the LIT chart has a wide spread (so higher volatility), but and has closed above the recent highs. This looks promising overall, and the momentum may carry it a little higher, however the increased volatility may be tested at some point, before price makes any serious attempt to push much higher. Uranium ETF (URA)
Price pulled back this week, but drew out little supply (or selling pressure). This was in response to the previous two bars, which suggested some form of support had arrived. Normally here the expectation would be for an upbar in response, but the futures chart suggests price may come back and re-test the strength of the recent support. Uranium Futures (XUX)
Price gapped (a little) lower this week, after seeing very little movement over the past few weeks. On this chart price usually moves in the direction of the Gap, so expect price to come back again this week (or sideways at best). Rare Earth ETF (REMX)
Five weeks back (arrowed), the price action looked potentially climactic, then followed three bars of consolidation, and this week we saw the first tentative attempt at a push higher. Volume (or effort) was quite low, so it was only a half hearted attempt, and died out right at the expected resistance line above (perhaps just a brief attempt to see if much supply would be drawn out if price rose). This chart continues to look like it will make a more serious attempt to move higher in the future. Crude Futures (CL) which I included as I had a spare place for another chart.
Crude found some support three weeks back, adjacent to previous support, although the quite deep test of that support suggested that the strength of that support maybe relatively poor. Price pushed higher on reduced volume this week, but has closed above the high of the supportive bar three weeks ago, which is potentially positive. The line above is where the important price action should take place...it is where price will accelerate higher and challenge the previous highs, or it will stutter and fail as traders load up on the short side.
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.. Gold Futures (GC), saw price accelerate higher this week, potentially confirming a higher low. If this is the case it is quite a deep and messy test of support. Normally I would expect the momentum generated this week, to continue to carry price higher for the next bar or two. However, that unusually deep test may see price retest or consolidate prior to any further acceleration higher.
(20min delay)