Uranium: Bounce or Break?

Zen Trader (Editorial) reports on the uranium price trend in the past weeks.

The editorial is quoted as saying:

This isn’t a grand slam setup as this recent downturn has gone below the previous low, indicating that there is more weakness in this current downturn. In addition, it appears the 50 ma is starting to slope downward, therefore this downturn could easily turn into a deeper correction. I feel that instead of buying this dip, it would be safer to watch for some high volume accumulation days before entering into new positions. Should we break down from current levels on URA and the leading stocks below, we are likely heading much lower.

Click here to access the entire editorial.