In This Uncertainty, Uranium Is The Bet – Commodity Piece
Any Pullback Is An Opportunity
While the markets are on red-alert mode with an escalation in geopolitical tensions related to Israel, there’s one market that’s still looking promising. The best part, this market is uncorrelated to the rest of the market. That’s Uranium! After a bounce off $26.12 support region, Uranium seems to be gaining strength again. We believed this would happen and mentioned it in our previous Uranium Piece (found here). While weekly momentum (MACD) is still not out of the woods, promising signs are starting to emerge on lower timeframes, and our Cycles Forecast is suggesting that the uptrend is about to start soon. Read on for the exact timeline!
Currently, Uranium has collected a lot of hidden bullish RSI divergences (lower low on RSI but higher low on price), which is suggesting a LOT of underneath strength. This doesn’t mean that a near-term pullback isn’t possible, but with such strength we’re very confident that the $24.01 level will hold up irrespective of the any upcoming near-term pullbacks. Moreover, the momentum has flipped bullish on the daily chart and has just entered the bullish zone, indicating that bulls now have control in the bigger picture.
To understand how to play Uranium from where it currently stands, it’s important to look at the upcoming Cycles Forecast until June 2024. This exactly what we’ll look at in the next section for our paid members in order to help our community either add to their existing positions or help the people waiting for an optimal entry to start preparing for deployment. We’re also going to take a look at 2 key Uranium ETFs and our favorite Uranium stock. We believe these will be BIG Money Makers in this ongoing Uranium bull run.
We just released our Q2 2024 Cycles Forecast (on https://cyclesedge.com/) for multiple different asset classes and equity names. The introductory article for the quarterly Cycles Forecast can be found here. Please note that our Founding Members have now been emailed these Cycles Forecasts (the full deck covering every name!). If you would like your copy earlier for the next quarter, please consider upgrading to a Founding Member status on our Substack.