URRE Update

This is one of the very few long positions I like and have liked for a while, I like it as a long term "Primary" trend position which means it's kind of a buy it and put it away type position, but today it made a strong move and I figured we'd take a quick look. In my view the price makes it somewhat speculative, I don't see this as a full size position, especially if we are going in to a market that will make this counter trend, that said, I keep it as a core position, just a bit smaller.

 I view this as a large Inverse H&S bottom, most people see these in an uptrend and think they are legitimate, they miss the word, "Bottom". In any case, the move of 23+% today looks a lot like they are trying to take URRE from stage 1 base to strange 2 breakout, that's typically what that volume is about, it's an attention getter and most retail think that is smart money buying, but smart money has been in for months before today. The closing breakout was $3.11, the intraday is $3.27 so it made a new closing high for the base, but fell short of clearing all base resistance, still with that volume, it looks like they're looking for attention. Tomorrow or the next few days will tell us a lot, we're looking for a follow through day on the upside and retail to notice.

 The daily 3C chart and why I like it so much and why I say smart money has been in this for a lot longer than just today.

The 60 min chart above and 30 min below confirm accumulation and especially in to the right side of the pattern as it should.

 30 min

The 15 min even shows the accumulation getting URRE ready for its breakout debut.

The 5 min chart shows the same, you see, these are not accidents, they are not coincidence, they are not random. There were buyers right in front of the breakout, likely middle men to help the breakout and cash in on it, in this case Market Makers.

I see some profit taking here, but nothing too extreme, personally if I had a call option I'd probably have taken the gains on momentum, but as far as equity, I don't see any strong reason to back out of it here.