Tuesday, October 1, 2013
URA Uranium ETF Weekly and Daily Charts Falling Wedges Oversold Positive Divergence Price Extension
The nuke industry continues to receive daily beatings so there is little surprise in uranium drifting lower month after month. The charts, however, hint that a basing is needed and the worst is over. The green lines show universal positive divergence across all indicators on both the weekly and daily charts, a very strong bullish indication. The purple dots show how price is extended to the downside and a reversion to the mean, as always occurs by simply looking at the prior moves, will need to occur again. As always, knife-catches sometimes cut deep, so caution is required. URA is thinly traded with only 78K shares exchanged yesterday. Keystone opened a long position in URA and will give it a whirl to see how it plays out. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.