Since bottoming out deep in the red zone of the SIA S&P/TSX Composite Index Report back in June, Uranium and Vanadium producer Energy Fuels has been steadily climbing up the relative strength rankings, shrugging off a couple of downdrafts and driving toward the top of the Green Favored Zone. Yesterday, Energy Fuels climbed 9 spots to 16th place and it is up 102 positions in the last month.
Energy Fuels (EFR.TO) staged a big breakout yesterday. The shares bottomed out in late June and since then, a new uptrend of higher lows has emerged. Following an August rally, the shares had spent the last two months consolidating gains in a symmetrical triangle of higher lows and lower highs, a pattern that was successfully resolved to the upside yesterday. In so doing, EFR.TO also snapped a downtrend line that dated back to April, confirming the start of a new uptrend.
Upside resistance tests appear at previous highs ner $11.00 then the $13.00 to $13.50 zone on trend. Initial support appears near $9.00.
Since bottoming out near $6.25 back in July, Energy Fuels (EFR.TO) has been under renewed accumulation, establishing a new uptrend of higher lows and completing a series of bullish Double Top breakouts, including the current upswing that is approaching the $10.00 round number.
Initial upside resistance appears in a range between $10.85 ad $11.30, a zone which includes several previous column highs including one set back in August. A horizontal count suggests potential resistance near $12.25. Initial support appears near $9.10 based on a 3-box reversal.
With its bullish SMAX score increasing to a perfect 10, up from 3 last month, EFR.TO is exhibiting strength across the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.