URA had good breakout | stockbee

8/16/2012

URA had good breakout



.11% move in the market tells you the story. Nasdaq and Russell were better performing indexes. Overall it is a consolidation near high after a choppy move higher.




The Uranium ETF had a good breakout. It has been down for many month after the Japanese disaster. This might be possible start of bottoming process. 

1 comment:

rmike said...

Hi Pradeep, though I am a keen follower of your blog, however responding to on of your posts after a long time. I understand what you are trying to convey in respect of URA, but I wouldn't strictly classify the price action as a "breakout" (going by your own tenets of classifying relative strength :)). It is more like the equalization of beaten down markets in anticipation of future strength in the broad market - More like a value play! And not necessarily momentum related. This may shoot up for a brief while before a retrace/ consolidation to test the waters.

P.S - I don't follow the same markets as you do, just commented by looking at the chart. Regards,