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of URA (Global X Uranium ETF) An exchange-traded fund that monitors the performance of the uranium business. An ETF is an investment fund traded on a stock exchange that allows investors to obtain exposure to a diversified portfolio of assets within a particular sector or index.
The URA ETF focuses on companies involved in various elements of uranium mining, exploration and production. This includes companies involved in uranium mining, processing, enrichment, or nuclear fuel production.
By investing in the URA ETF, investors gain exposure to the uranium industry without purchasing individual uranium company securities. It provides an easy and effective way to participate in the overall growth and performance of the uranium industry.
looks like a flag, usually breaks in the direction of movement that generated it. As a result, the collapse of support for this flag pattern is expected, possibly leading to a violation of the fractal support established in 18.31.
On the other hand, the current attempt to break through the resistance at 20.33 could no longer be seen as an attempt but a foregone conclusion. As a result, we should be wary of possible retesting of previous highs printed between 23.86 and 24.34.
In practice, we should look for a break below the support of the flag pattern with possible downward movement, or a break of that resistance and a final breach of the fractal resistance formed at 23.86 with possible upward movement. I have.
That said, let’s discuss both possible options, starting with the collapse below the support zone.
If the fractal formed at 17.65 refuses to hold, it may decrease. However, there are two price levels that need to be taken into consideration. The first level is predicted at 13.49. this is, last swing high Between fractal support and resistance levels printed at 17.65 and 24.34 respectively. This is an area where a bullish deep club pattern can occur.
The next price level to watch is 9.76, which corresponds to a retracement to the 0.886% Fibonacci level and produces a bullish bat pattern.
In case of resistance breakthroughHowever, certain patterns can emerge at key price levels that need to be highlighted.
A bearish shark pattern could emerge at 27.28. This pattern emerges at the 161.8% Fibonacci extension of the recent down move between the fractal resistance formed at 23.86 and the latest support formed at 18.31. A pullback/retracement can occur after formation. It is important to remember that this shark pattern can also appear in the 224% Fibonacci extension predicted at 30.75. In reality, patterns can appear on both Fibonacci levels and cause downward movement when completed.
It is important to note that there is a possibility of an upward move that will push the asset back above the resistance established at 23.86. It may be the beginning of another notable upward movement. In this scenario, we should pay attention to the potential break of the fractal formed at 31.60 and the pattern that may emerge around 35.19.