USL Chart Thread

Thought Id start a chart thread as there isnt one

With little silver plays on the ASX this one could be the one to real motor once silver gets a move on.

Chart is looking primed



It reminds me of the old Wyckoff Accumulation phase (now churned over 51 million in this phase) before the inevitable mark up. The final stage of the phase is the spring/shakeout - occurs late in a trading range, and allow the stock’s dominant players to make a definitive test of available supply before a markup campaign unfolds.
A “spring” takes price below the low of the TR and then reverses to close within the TR; this action allows large interests to mislead the public about the future trend direction and to acquire additional shares at bargain prices.

However, springs and terminal shakeouts are not required elements: Accumulation Schematic 1 depicts a spring, while Accumulation Schematic 2 shows a TR without a spring.

See below my thoughts


I can see 18-20 cents in near future. What it does there determines our next move, whether its ready to mark up or needs a bit more accumulation

Stocks go through the same 4 phases all the time
Disclaimer, I am yet to buy this stock but will try and accumulate this week

Another disclaimer - Wyckoff method is just a guide but doesn't always play out perfectly. We could have seen the lows here on USL and that recent bottom was in fact a spring or maybe it was a ST, no one knows. We can only trade off levels and 18-20 cents will be the key one to determine if we are ready for the next mark up phase. Note 51 mill churned in this stock already in this phase is very bullish and makes a strong case that we may be ready. Macro may lead the way and that's silver breaking out and FOMO catching on


In terms of the mark up phase I have several targets one being 25 cents which is the backtest of the original breakdown the other is 56 cents which is the top of that original channel.

I think we will do something like this personally



Also I forgot to add the price of silver
Monthly is looking very bullish and a close above $26 and I can see $30 near future

My long term view on silver is the following
$74 one day


All I know is these lows currently is a good spot to lean into a position for the long term especially if silver prices start going ballistic, ASX punters will look for exposure to the sector. Anything possible, trade the trade.

GL all