Our long URRE position is up over 8% today making for about a 22% gain on the long equity position, so far so good; there is intraday confirmation as of now as it clears an ascending triangle.
I see no reason to move any thing around here, this has been a long term trend favorite with UNG and MCP, unless you are using it as a trading position in which I am not because it can get spotty on short term charts in thin markets and not give the best short term trading signals, I would prefer to just treat it as a core long/trend position, let it break out to stage 2 and enjoy the ride.
URRE Daily coming out of an ascending triangle, volume looks good this early.
Intraday charts are in line and confirming so, so far there's no distribution of the move, no serious profit taking.
The 60 min chart shows the leading positive divergence that is the base, it looks great, this is really the chart that matters to me so if there's volatility, pullbacks, etc I'm fine with it so long as these longer term charts continue to indicate large accumulation in a base pattern.
This is the daily 3C chart, #1 is the base itself which I think has a slanting neckline that has its breakout to stage 2 at $5.00, #2 would represent the breakout to stage 2 "Mark up" or where the easy money/trending position is found.
The price pattern implied target is about $9.25, although I think it can do better given the size of the base.
I would not chase this one, if you like it there will be opportunities to pick it up at a better risk:reward profile.
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