I'm following up on URRE among a lot of other tasks I'll get to. I like URRE, I have for quite some time, almost as long as UNG and I think it's still in a large stage 1 base so imagine the upside possibilities.
I hope you can tolerate some more of my chicken scratch drawings.
The 5 min chart shows URRE heading down while the market was in a range around the same time, now there's a flat range here and these seem boring and like there's nothing going on, but this is where most of the set up happens, AT STABLE PRICES/LOWER PRICES.
The 15 min chart's migration from the decline is positive and looking good in the range. Longer term, investment/accumulation already in place like ours...
The 30 min chart makes clear this second base or second part is stronger than the first, I don't think they are disconnected.
The 60 min chart shows what I think is the entirety of a stage 1 base, that's large, a good range, the measured move from here is worth nearly a double, depending on what you consider the base.
The 2 hour chart confirms 15/60 min charts in that the most recent accumulation zone is stronger tha they last which is typical of the process.
Since I didn't have room to draw, I drew below what I think the highest probabilities are based on concepts and the information we have, a lot of this is projection, but based on common concepts.
This would represent the first and second half of the full base. We're in a consolidation now that is rather flat and are seeing 3C accumulation. I think they things to watch out for are first a break below the range in place now, stops will be there, however the apex of the triangle a little lower is likely to create volume as well, so it could be what looks like a sharp breakdown, I have little doubt based on the charts now, it will be a head fake move (yellow), this makes for the best entry or add to as it has the least risk and would be the best timing element.
There should be a lot of upside here so I'd really pay attention to this one.
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