Uranium and rare earth miner Energy Fuels (EFR.TO) has been climbing back up the relative strength rankings in the SIA S&P/TSX Composite Index Report since the end of July and has climbed 118 positions in the last month. Yesterday, EFR.TO returned to the Green Favored Zone for the first time since last November after rising 21 spots to 48th place. Signs of renewed accumulation continue to emerge in Energy Fuels (EFR.TO) shares. An uptrend of higher lows has been emerging since May which has accelerated in recent weeks. Last month, EFR.TO completed a bullish Ascending Triangle pattern and then successfully retested the breakout point as new support, and the moving averages completed a bullish Golden Cross (circled).
Yesterday, EFR.TO closed above $10.00 for the first time since February, confirming continuing investor interest. Next potential upside resistance appears at previous peaks near $10.50, then $12.00 and $14.50 based on measured moves.
A major breakout is underway in Energy Fuels (EFR.TO) shares. Since bottoming out in April, EFR.TO has been under renewed accumulation, completing bullish Double Top and Triple Top breakouts, snapping out of a downtrend and establishing an uptrend of higher lows. This month, the rally has extended with the shares retaking the $10.00 level and completing a rare bullish Spread Quintuple Top breakout.
Potential upside resistance appears near $11.10 based on previous column highs, $11.75 based on a vertical count, and $13.75 based on a horizontal count. Initial support appears near $9.45 based on a 3-box reversal.
With a perfect SMAX score of 10, EFR.TO is exhibiting strength across the asset classes.
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