Long

Energy Fuels At Support - Reversal (Likely) Coming

Updated

At the bottom of an ascending triangle. Also back down to the 50 SMA, which has been a key level of support for months. We still dont have a bullish confirmation on the Stoch, BB, MACD, and the RSI is not oversold, so wait for a bounce upwards to confirm reversal. Otherwise, this could be breaking down. From a FA perspective, UUUU is looking very strong. As the newly sole Vanadium producer in NA, as well as the filed Section 232 to regain the Uranium market in the US (decision coming in the relatively near future), things could be really looking up. We also have earning coming up on Nov 1st, with expected earnings being a big improvement on last year ($-0.05 EPS vs %-0.07 EPS).

Regardless of how this triangle breaks, keep an eye on UUUU in the near future. This could be a source of huge returns as the Uranium market ticks back-up (fukushima reactors back online, historic low for uranium, more countries moving toward nuclear etc).

My opinion, not financial advice

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The market tanked today, everything is in the red, and so the triangle broke down. Still think this is something to keep a close eye on, from a FA perspective. Just need to wait for a good entry with a confirmed upswing.

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A lot was down again today but UUUU held well. 4h Stoch crossed and the RSI bounced at oversold. Moving upward now. What we dont want to see is it being rejected at the old support line of the triangle, or the 50 SMA. I'll keep watching/

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Looks like it could be finding support on the 100 SMA. Watch for rebound up and a continuation through triangle to confirm

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blasted through SMA and back into the triangle. Lookin' good.

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green_brow

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