My outlook on Uranium and Nuclear Energy has shifted bullish long term. The spike in volume on CCJ during this uranium bull run bodes well for the future of uranium in my opinion. That being said, CCJ has been trading in an ascending channel for over a year now whilst being rejected at the long term .786 fib at $33.34. I am expecting an ABC correction to at least ~$10 (Highest Volume Node, 1 fib level, 0.7 fib level). Wave 2 can retrace up to 100% of Wave 1, but there is significant confluence for support at ~$10.
I don't believe the transition from fossil fuels to renewable energies is going to happen in a snap of a finger. Not in a rush to purchase anything Uranium related.
I don't believe the transition from fossil fuels to renewable energies is going to happen in a snap of a finger. Not in a rush to purchase anything Uranium related.
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Something about Japan & Nuclear Energy caused Uranium stocks to go nuclear today. Coincidentally, price tagged the long term .618 fib before blowing up. Cool, not covering nor fomoing into Uranium. That being said, it was pretty stupid to short right at the long term .618 fib lol
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So I got my shorts around my ankles, and it doesn't feel very good, There was a strong reaction to the long term 0.618 fib. Let's see what happens at the .786 at $33.34