After almost a year long of consolidation and flagging, Centrus Energy Corp moved impulsively on August 30th and begun flagging again for a larger move up. Backed by Uranium spot prices increasing due to physical accumulation, LEU held strong in range despite the market downturn as of late. Last Thursday and Friday LEU showed relative strength moving to highs not seen since 2014. The 35 to 39 price range provided good support from an area last visited in May 2014. The next area of resistance/support should a wide area between 53 and 64.
The trade plan here to go long, would be to wait if there is a retest of the breakout at 39.90 or if there is a retest of the previous weekly high. Notice how the bullish candle from Sept 13th is showing strong VWAP support as the launch pad for last Friday's move.
The trade plan here to go long, would be to wait if there is a retest of the breakout at 39.90 or if there is a retest of the previous weekly high. Notice how the bullish candle from Sept 13th is showing strong VWAP support as the launch pad for last Friday's move.