UEC Uranium about to resume upward move
UEC recently formed a double bottom on the daily chart.
Confirmation of the double bottom should happen when the peak in between the bottoms is broken. That recently happened when $2.37 was broken.
The double bottom also touches off the 0.618 fib retracement level after a strong run up beginning in November and ending in June.
The price action has poked its head above the 200 SMA which I take as a bullish sign.
Price has dipped since the open today. I will look to place a stop buy around today's high of $2.48 to see the upward momentum continue.
By this time the 9 and 21 SMAs will likely have crossed. Note this happened in July also above the 200 SMA but price fell to make the second bottom.
Interested in your views, opinions, correction and alternative ways at looking at this.
Confirmation of the double bottom should happen when the peak in between the bottoms is broken. That recently happened when $2.37 was broken.
The double bottom also touches off the 0.618 fib retracement level after a strong run up beginning in November and ending in June.
The price action has poked its head above the 200 SMA which I take as a bullish sign.
Price has dipped since the open today. I will look to place a stop buy around today's high of $2.48 to see the upward momentum continue.
By this time the 9 and 21 SMAs will likely have crossed. Note this happened in July also above the 200 SMA but price fell to make the second bottom.
Interested in your views, opinions, correction and alternative ways at looking at this.
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