BY LICIA LESLIE
April 3, 2024
Hi Shoppers,
Global X Uranium ETF (Ticker: URA) has had a nice rally which we at Option Shopper had a 63% winner riding it higher.
The stock has now closed above the first resistance level of my pitchfork and is ready to take its next leg higher:
URA looks poised to trade $31.39 and then test that last high at $32.63 which lines up perfectly with the pitchfork median line (red line).
The implied volatility is running a tad bit high but I think the stock is ready to make this move quickly.
I like the Apr12 expiration calls:
The 30.50 calls are the cheapest on the board.
Use a close below $29.50 as your stop loss.
Trade Review
I last talked about Bitcoin (TIcker: BTCUSD) and Ethereum (TIcker: ETHUSD) bull flagging and it did not pan out. The two actually broke out to the downside of those flags and traded much lower. BTCUSD is currently holding my support level at $65,161 and ETHUSD just below it at $3364.
Come join us here at Option Shopper and trade with a community.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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