Recent Uranium price increase has helped raise the PDN much more rapidly to 116% from 1st September (0.52c and touched $1.12 on 16th September)
However the recent sell off from 1.12 to 0.85c has formed the head and shoulders.
This leads to a potential short term opportunity to short the stock.
Today's close: 0.85c Potential target: 0.535 to 0.485
Disclaimer: This is not a financial advice. DYOR. And stock can react in any way with broader market sentiment. This is just for education or entertainment purpose.
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Lot's of people reached out to me. Thanks a lot if you have made money from the idea.
Friday might close little high to give little comfort to bull but this is still intact and fall should likely continue on next week.
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As expected friday close was high to give comfort to bull and re-enter to cause them more pain in coming week.
All 3 ETFS URA, URNM, Sprott ETF are heading lower - that might further fuel.
Some people have suggested that PDN sell off was due to ETF rebalance (what they are implying is ETF are selling PDN to buy better value uranium stocks). If this is right then it might further help the bear case.
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Progressing exactly as expected.
We might see slightly bump at 60c but it needs to go down towards 0.535