Update: The confluence the horizontal resistance zone and the rising wedge broke to the upside. It looks like that the uptrend might be continued despite bearish signals. Price seems to be on its way to $37.50. The train is leaving the station. Those who still want to catch it, should jump on it now.
Sprott's Physical Uranium Trust did it finally:
It broke out of the confluence formed by a horizontal resistance zone from Oct. 07 and the bearish wedge to the upside. The new target now is high from April 07.
However, there's some water in that wine:
The breakout is not really supported by volume and the daily chart shows that momentum has been fading for a...
If U.UN manages to keep its current strength a new buy signal will be generated once it will have cleared CAD 28. If it finally succumbs to the bearish rising wedge and its confluence with the current resistance zone between CAD 27 and 28, one could try to get in cheaper between CAD 25 and 25.50. The situation would turn increasingly bearish at CAD 24.75 and...
Bulls and Bears are fighting it out in a key support zone:
Bullish:
- Hammer candle may form in key support zone provided by an open gap that may not get completely closed today (may still change today)
- Support also given by uptrend line that hasn't been broken as of now (may change until close, though)
- Slight bullish divergence in price and OBV that doesn't...
- Bearish distribution phase May 12 to May 22, 2022 resolved to the upside reclaiming $ 150, which is now support again
- one can see new higher lows and new higher highs since May 22
- Reclaim and multiple successful retests of MA 21
- Reclaim of MA50 and successful retest July 1
- Bullish engulfing July 1
- MACD histogram positive and back in positive...
MACD curled upwards, Arroon Up and Down hit its 100 % ceiling, so both indis confirm the uptrend, big former resistance broken, now support (green line), however one major high (red line) must still be overcome. Looks great. However, I doubt that price is gonna blast through that red resistance at the current pace. I want to buy it but I am out of dry powder...
If things won't deteriorate ahgain, BKR may recapture its recent highs soon again. This might be a long opportunity imo. Other oil field service stocks seem to recover as well. TDW absolutely killing it today. One may want to wait another day (candle) to make sure price recaptures SMA50 and stays above it until close.
The downtrend is still strong with this one. However, there might be a silver lining on the horizon: A bullish divergence could materialize if the MACD turns upwards and confirms a higher low. Anyhow, it is quite important now that this last support won't be broken.
It looks like downward momentum is fading. There is a divergence in OBV, MACD and price. Arroon Up and Down already flipped, although no uptrend confirmation yet. Ideally, price will run sideways some more so that the wedge's upper trendline converges with the SMA 200 and then break out above the upper trendline and SMA 200. By that time, price might be above SMA...
