Uranium URA Intermediate Cycle Update
Commodities / Uranium Oct 29, 2017 - 11:12 AM GMTBy: SurfCity
Friday sure looked like a capitulation day for the Uranium sector and possibly a cycle low is forming but is it just a Trading Cycle Low (TCL/DCL) or perhaps also an Intermediate or Yearly Cycle Low (ICL/YCL) or as well? First, you may wish to review my last update on the sector.
https://surfcity.co/2017/09/21/uranium-ura-energy-cycle/
Six charts below on URA, CCJ and NXE each with two charts. The first for each is a 3 year Weekly showing Intermediate and Yearly Cycle Lows (ICLs & YCLs). These charts make a somewhat compelling case that Friday’s low may well be a longer ICL/YCL but we may also see an undercut low.
If you play this sector, and buy any of these, I would place my stop right under Friday’s low but be prepared for a retest and perhaps an undercut where you may get shaken out. If that happens, be prepared to buy back at the undercut, IMO.
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