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World Uranium Index Suggesting Higher price for the metal

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World Uranium Index Suggesting Higher price for the metal

World Uranium Index (URAXPD) andUraniumFutures contract tracking the spot price of the metal which ended the downtrend cycle from 2007 peak and been bouncing higher since 2016 lows. The two instrument may have different dates for the peak or low but they share the same swings and URAXPD is the one leading move at current stage to the upside.

World Uranium Index vs UX1 (UraniumFutures)

Uranium Index URAXPD vs Uranium Futures Price

In the next chart, we overlay the majority of main commodities including Oil and precious metals which had the same low in 2016. We can notice thatURAXPD is up 80% at current stage, its considered one of the outperforming instrument among the rest.

uranium vs metals

Looking at the daily chart ofURAXPD from 2016 low, we can count 5 swings ( red count ) to the upside (which is different from the regular Elliott wave count) and we consider it as an incomplete sequence to the upside missing the final 7th swing higher toward equal legs area $337.2 $368.5. We also can see another 5 swing ( blue count ) from 2017 low suggesting also more upside to take place toward a similar target area $314 $332.

World Uranium Index URAXPD Elliott Wave Daily Chart

Uranium Index URAXPD Swings

Consequently both sequence from 2016 & 2017 are bullish and suggesting thatUranium price will remain supported in the coming few months to see higher levels.Uranium does not trade on an open market like other commodities. But you can get exposure by trading a related Etf like URA or a related stock like CCJ.

Get more insights aboutthe Uraniumstocks,Energy & MiningSectorsby taking this opportunity totry our services14 days for Freeand learn how to trade Stocks and ETFs using our blue boxes and the 3, 7or 11 swings sequence.You will get access to our 78instruments updated in 4different time frames, Live Trading & Analysis Session done by our Expert Analysts every day, 24-hour chat room support and much more.

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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