Uranium Miner ETF Breaking a 2 year Resistance Trend
Hi Guys! This is a Technical Analysis on Sprott Uranium Miners ETF (URNM) on the 1 Week Timeframe.
We are currently in the process of BREAKING OUT of the Major Resistance Trend that started from November 2021.
Just KEEP in MIND -> The candle closes end of the trading week. So if end of week we are still ABOVE the resistance line thats 50% of the work done for TREND CHANGE to occur.
The other 50% to reach 100% of completing the job is the observation of CONFIRMATION above the resistance and having it turn SUPPORT.
Once we do that, we can start moving towards TARGET 1.
Notice also how for multiple weeks straight we tested SUPPORT on the 21 EMA, and now we are moving above it. This is a sign of BULLISHNESS
Remember we must wait for CONFIRMATION above the resistance. Without it, the chances of a FAKEOUT are probable.
STOCH RSI is showing that BULLISH momentum is entering. As long as we maintain this, moving up above the 80 level. It INCREASES the PROBABILITY that we complete the TREND CHANGE above the Major Resistance Trendline.
RSI is also in the process of a Trend Change. Notice how we tested SUPPORT and bounced off the BLACK line.
Stay tuned for more updates on URNM in the near future.
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
We are currently in the process of BREAKING OUT of the Major Resistance Trend that started from November 2021.
Just KEEP in MIND -> The candle closes end of the trading week. So if end of week we are still ABOVE the resistance line thats 50% of the work done for TREND CHANGE to occur.
The other 50% to reach 100% of completing the job is the observation of CONFIRMATION above the resistance and having it turn SUPPORT.
Once we do that, we can start moving towards TARGET 1.
Notice also how for multiple weeks straight we tested SUPPORT on the 21 EMA, and now we are moving above it. This is a sign of BULLISHNESS
Remember we must wait for CONFIRMATION above the resistance. Without it, the chances of a FAKEOUT are probable.
STOCH RSI is showing that BULLISH momentum is entering. As long as we maintain this, moving up above the 80 level. It INCREASES the PROBABILITY that we complete the TREND CHANGE above the Major Resistance Trendline.
RSI is also in the process of a Trend Change. Notice how we tested SUPPORT and bounced off the BLACK line.
Stay tuned for more updates on URNM in the near future.
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
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