GLATF
GLO
's counter trend downward broadening wedge is testing its breakout. Fundamentally, the coup in Niger has kept this near term #uranium producer back, but it's time to catch up. We're looking at a 155% measured move based on the bottom of the wedge to the top. The time frame here is generated via the falling wedge's staff overlayed at the point of breakout. This projects into 2025 which will likely coincide with some of the first pounds produced or reported.
This move has potential to be far more violent and sudden given how much this one has lagged and with consideration to being one of the few near term producers.
So long as the geopolitical issues relax (ECOWAS is rumored to be relaxing sanctions), we're looking good.
Trade fermée manuellement:
The junta in Niger had other ideas. I closed my position that had been opened since 2020 and averaged up over time. I took a small loss of a few cents per share. I may look to re-enter if the price drops sufficiently to justify the risk, or if the political situation stabilizes. For now, those funds are moving into other spaces.