Chart of the Day - Tuesday, September 17th, 2019
September 17, 2019
Today’s Chart of the Day was shared in a blog post by Tom Bruni of All Star Charts (@BruniCharting). It is a daily candlestick chart of the Uranium ETF, $URA, going back to 2016. In the blog post, Tom points out that $URA is in a clear downtrend, and it broke down from a critical level in July. This level acted as support seven times in the past. Classic technical analysis says that former support becomes new resistance. Tom thinks this chart setup is worth a trade for several reasons: "We’re trading in the direction of the primary trend, momentum is in a bearish range, relative strength is making new lows, our risk is well-defined."