Quick URRE Update

Yesterday I posted an update for URRE after another +28% one day gain for more than a 100% move in about 7 days.

The gist of the post was to get a trailing stop in place, I suggested a 50-bar 5 min stop or even better my Trend Channel which held the move up with a stop at the moment (yesterday of $4.95, that stop was hit yesterday and would have left you in much better shape than today's -16% decline).

The gist behind this post is that 1) I still love URRE as a longer term long position, 2) there will likely be some choppy volatility in the area and 3) In my view, URRE needs a decent pullback with strong signs of accumulation in to that pullback before it is ready to make a second leg similar to the first.

A 1-day pullback in my opinion is no where near enough to sustain a second leg like the first one we saw, you may get some volatility in the area, but I would probably be looking for URRE to pullback to a 10-day to 22 day moving average (probably in the area of $4.00 by that time)  before it is ready to make a new run higher.

I'll try to get some URRE charts up tonight so you have some idea of what is typically reasonable using the Trend Channel and X-over Screen.

Like I said, with this kind of volatility in this stock, a bounce in the area very near term would not be surprising, but I would not be fooled in to believing it was the start of a next leg higher.