GLOBAL X URANIUM ETF (URA)

Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features a multi year-long Head and Shoulder continuation and a 10 month-long descending triangle on GLOBAL X URANIUM ETF (URA).

GLOBAL X URANIUM ETF (URA)

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Uranium Index. The Fund is designed to measure broad based equity market performance of global companies involved in the uranium industry. Price chart formed a 3 year-long H&S continuation with the right shoulder possibly in the form of a 10 month-long descending triangle. Both chart patters are bearish and once completed on the downside, suggest lower levels. Possible chart pattern price target for the 10 month-long descending triangle stands at 8.71 levels and the price target for the 3 year-long H&S continuation at 7.8 levels. A daily close below 11.55 levels will confirm the breakdown.

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