$DNN - Uranium is the few industry group that you would probably find RS over the last 2 wks of market weakness. $UEC and $NXE have already taken off yesterday from their pivot levels.
$DNN currently sits on its VWAP support from last ER, beneath a major pivot. ATR/$ at 7.17%
In the early 2000s, the flooding of the McArthur River and Cigar Lake mines were immediate black swan catalysts that further accelerated the existing bull market into a mania moving uranium spot prices to a peak of $150/lb in 2007. The flight to commodities as an inflation hedge following the Great Recession served as an additional catalyst underpinning the...
Denison is form an ascending, broadening wedge. We could see one last hooray to 2,5$ until a deeper short term correction is overdue. 2,5$ would be around 300% distance from the 200 MA.
DNN is the next downward wave. The exchange rate has ended the waveback correction (AB) wave. I expect a new drop wave from 0.4882 levels. The down arrow (BC) target price is 0.3226
