View full TradingView idea here.
A few days ago I put out analysis on the Uranium miner ETF AMEX:URA . This ETF is probably the best way to get involved in the Uranium price action and stay diversified. But I wanted to take a look at the commodity price, as this will be the driver of new and existing mines opening up and miners increasing their profitability. The price can also give insight to whether the public is ready to start demanding Uranium and increase it's use as an energy source.
Read my full analysis on Uranium here.
But here on TradingView, we will focus specifically on price.
The price of Uranium has been in a deep depression for 11 years. It safe to say it might be the most hated market in existence. This fact alone is why I'm giving it a closer look. Overall, the price is down 80% since it's highs.
What's worth noting, is that UX1! has broken out of a long existing triangle pattern and is looking like it might be in the process of forming a bottom.
Uranium has been quickly breaking above it's moving averages and holding healthy support on the 100 and 200 MA.
The 100 has now crossed the 200 as well.
We are now making new 2 year highs which is a promising note. The key here is that price holds support around the $26 range and on it's moving averages.
Though volume is still low, this price action may be a signal for interest coming into the Uranium space.
Feels good to be watching things develop at such an early stage.
