Denison Mines Corp. presents a long-term technical picture where it appears to be forming a "rounded bottom" pattern, which is a positive indicator for a possible upward movement in the future. This pattern refers to a long-term base formed after a long-term decline, followed by stabilization and future growth.
Points of Interest:
Resistance Area : The area around $2.20 - $2.50 is a critical resistance zone, where the price seems to be trying to break out. If the breakout is successful, it can be made into a further up move.
Strong Support : We see a strong support area at $1.20, which is the low of the recent rally.
RSI : The RSI indicator is seeing a bearish divergence, indicating a possible short-term correction. However, it remains relatively strong, indicating that the long-term trend remains up.
Recovery Cycle: The upward curve from the 2020 lows shows the stock's gradual recovery, suggesting that buyers continue to strengthen the price.
Estimate for the Future:
The long-term technical outlook for Denison Mines Corp. it shows positive, with the possibility of breaking the critical resistance and continuing the upward trend. If the price manages to stay above $2.20, there is a possibility of a move towards higher levels near $4.00, which is the next major resistance. However, short-term investors should be wary of corrections as the RSI indicates potential pressure
This analysis indicates that the company could have a long-term growth, especially good case that it provides positive propositions in the energy and raw materials sector, where Denison Mines operates.
Points of Interest:
Resistance Area : The area around $2.20 - $2.50 is a critical resistance zone, where the price seems to be trying to break out. If the breakout is successful, it can be made into a further up move.
Strong Support : We see a strong support area at $1.20, which is the low of the recent rally.
RSI : The RSI indicator is seeing a bearish divergence, indicating a possible short-term correction. However, it remains relatively strong, indicating that the long-term trend remains up.
Recovery Cycle: The upward curve from the 2020 lows shows the stock's gradual recovery, suggesting that buyers continue to strengthen the price.
Estimate for the Future:
The long-term technical outlook for Denison Mines Corp. it shows positive, with the possibility of breaking the critical resistance and continuing the upward trend. If the price manages to stay above $2.20, there is a possibility of a move towards higher levels near $4.00, which is the next major resistance. However, short-term investors should be wary of corrections as the RSI indicates potential pressure
This analysis indicates that the company could have a long-term growth, especially good case that it provides positive propositions in the energy and raw materials sector, where Denison Mines operates.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.