Uranium producer Energy Fuels (EFR.TO) has been on a roller coaster ride this year, even this month, swinging back and forth between the red zone and the Green Favored Zone in the SIA S&P/TSX Composite Index Report. Recently, EFR.TO has been on an upswing, rocketing up toward the top of the relative strength rankings. Yesterday it finished in 6th place, up 21 spots on the day and up 99 positions in the last month.
For over a year, Energy Fuels (EFR.TO) has been trading back and forth in a wide range between $6.00 and $14.00. Back in July, a retreat was successfully contained by support at the bottom of this zone and since then, the shares have been bouncing back. In the last two weeks, accumulation has accelerated with EFR.TO rallying up off of a higher low. Yesterday, they closed above $10.00 for the first time since April, confirming that an upswing is underway.
Potential upside resistance appears at previous peaks near $12.00 then $14.00. Initial support moves up toward $9.00.
A major breakout is underway in Energy Fuels (EFR.TO) shares. Since bottoming out in July, the shares have been clawing their way back upward through two bullish High Pole pulses. Recently, Energy Fuels completed bullish Double Top and Spread Double Top breakouts to trade at their highest level since May, completing its base building and confirming the start of a new uptrend.
Initial upside resistance appears near $10.65 based on a horizontal count, $12.00 based on a vertical count, and $13.00 based on previous column highs. Initial support appears near $9.25 based on a 3-box reversal.
With its bullish SMAX score increasing to a perfect 10, EFR.TO is exhibiting strength across the asset classes.
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