URRE Update

I also have an important market update to get out, but for many of you who have been with me in seeing something special about URRE as a long term long position, URRE is paying off right now and I just want to update you.

Today URRE (as of now) has added another 22% and that's about 100+% over the last 7 days, the follow through we were looking for materialized.

In my last update last Tuesday the first paragraph contained most of the relevant information...

"Congratulations URRE longs, you had to wait, but it is looking more and more like this is moving to stage 2, at some point there will be profit taking and a pullback, new URRE longs can enter at that point, but for now we'll keep monitoring and confirming, thus far other than intraday profit taking here and there, URRE is holding up very well."

I'd say URRE has proven it is moving or rather has moved to stage 2 "Mark up" out of the Stage 1 base.

As far as what I see now, I'd DEFINITELY have a trailing stop on it, a 50-bar 5 min moving average works pretty well, my Trend Channel has held the entire move up including consolidations and is currently at $4.95 (it always locks in gains, never lets them fall).

I'd say with today's gap, I'd either be taking profits, partial profits or using a trailing stop to create some blended approach, whether taking partial or perhaps taking the original investment off the table and letting the gains run.

Remember URRE was always intended to be a long term long position, not a trading position, but with a double in a week, it's hard not top think about protecting some of that.

 This is the Trend Channel I'd use now, 10 min as it has held the recent trend perfectly as the volatility starts to increase above the base area in a typical stage 2 mark-up with volume as a flashing "Open for business" sign.

If I was looking to stick with the longer trend, I'd use a longer channel, perhaps even the daily which would be around $3.00, but it should hold a significant pullback and a much longer trend; again a blended approach seems best to me.

For those interested in URRE as a new position, I'd wait for the first pullback, likely to the $3.50 area and then we can take a look at it there, it should be fine and a great add to or new position.

 The Stage 2 breakout, but the price pattern implied target is MUCH bigger. I think $10+ is an easily attainable target.

The recent 1 min intraday is seeing profit taking, no severe distribution though.

The 5 min shows the stepped up recent accumulation before blast off and also some profit taking, but nothing concerning.

 15 min chart essentially the same.

The long term daily chart shows URRE as having a lot more upside.