Report
Daud Bhatti

Uranium Miners ETF ($URA) Has Started Next Bullish Cycle

 

The Global X Uranium ETF ($URA) is an exchange-traded fund (ETF) that seeks to provide investment results that correspond generally to the price and yield performance of the Solactive Global Uranium & Nuclear Components Total Return Index. In this article, we will look at the long term technical outlook using Elliott Wave method.

$URA Elliott Wave Chart Monthly Chart

Uranium ETF (URA) Monthly Chart above held up the horizontal support/resistance at $19. The ETF has started to turn higher and should start the next bullish cycle higher. Wave ((II)) ended on March 1, 2020 low at 6.95. Up from there, wave I ended at 31.6 and pullback in wave II ended at 17.65. While pullback stays above 17.65, expect the ETF to continue higher in months and years to come.

$URA Daily Elliott Wave Chart

After forming major low at 6.95 on March 2020, ETF (URA) rallied in wave (1) towards 24.34. Dips in wave (2) ended at 18.31 as a double three. Down from wave (I), wave W ended at 18.47 and rally in wave X ended at 23.86. The ETF then extended lower in wave Y towards 18.31 which completed wave (2). It has resumed higher in wave (3) with internal subdivision as a 5 waves. Up from wave (2), wave 1 ended at 21.12 and dips in wave 2 ended at 18.97. Expect the ETF to continue to extend higher within wave 3.

 
 
 
 

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Source:-forecast.com/stock-market/uranium-miners-etf-ura-started-next-bullish-cycle/

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Elliott Forecast
Elliott Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions. 

Analysts
Daud Bhatti

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