Symmetrical wedge on the monthly chart with large bias to the upside. All VWAPs and EMA clouds are underneath price, creating a great probability to push price to the upside in a big way. Current April candle is forming a bullish hammer as well (same with prior in March). Only drawback I see currently is the RSI has less room to the upside to realistically move. I've rotated a portion of my LT portfolio into $URA.
Note
Tried a little breakout out of wedge but then retraced back to 20 VWAP and 72/89 EMA cloud. I still have high conviction in this play.My theory is pretty basic: as Europe faces an energy crunch going into the summer due to the Russia/Ukraine conflict, they are going to be forced to find an alternative source of energy. The fastest path to alleviation will be to reopen existing shutdown plants and then potentially create new ones. I suspect that if becomes true then other surrounding countries impacted by the energy crisis will follow suit.
Watching, waiting, and accumulating right now.
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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.