USL Chart Analysis, page-4

Silver being smacked down again has taken the steam out of the run for USL.

Thought it would close that gap at 29.55c and it came close, touching 28c but the run has been driven by Silver prices, even though USL has sigificant Gold and Gold continues to hold over $3,100 and sits at $3,164!

Chart on the Daily had the MACD death cross yesterday with Volume, which isn't great and that was sparked from the fall in Silver overnight.

0.17c start of March and two weeks later hits 0.28c for a +64.70% return is pretty damn good, so it's hard to complain that it couldn't keep going straight up.

25c was a key support level that needed to hold, but now it's broken that 23.5c is current support but I think it will go on to close that gap at 21.25c that I've mentioned in previous posts; it wasn't a breakway gap on strong enough fundamentals and any weakness in Silver prices was always going to see people sell in panic as we're witnessing.

Weekly Chart shows an overall change to uptrend but the Daily now shows it's having a correction after that 64.7% rise.

As always Silver prices are the catalyst and causing whiplash in price movements for USL, but Silver failed to hold over $34 and break $35 even when Gold was breaking $3,000 and making new highs, but Silver lags and it'll have another go unless global events improve drastically that Gold and Silver just collapse back down (unlikely with rates cutting cycles starting, tarrifs, wars, economic wars).

A pullback to the demand zone box and closing that gap at 21.25c would be healthy for the stock, flush out the hype traders that jumped on the last week or two, allow for accumulation and line up with the next flow of drill results and run of Silver in a few weeks.