Uranium Spot Price Setting Short Term Resistance?

Posted by webmaster in Uranium News, spot price, uranium on 06 6th, 2008 | no responses

Uranium Spot Price Setting Short Term Resistance?

Is the uranium spot price beginning to establish a short term support level at the $60 level? We check out some of the recent short term data to see if we can spot a trend forming.

Via Infomine.com is a one year uranium spot price chart. As we all know, this is far from pretty if you’re a bull of the commodity.

One Year Uraniumn Spot Price Chart

Focusing in on the latter portion of the chart we can begin to see a smoothing out of the spot price around the $60 level.

Here’s a three month chart.

Three Month Uraniumn Spot Price Chart

Now of course we’ve seen this smoothing effect before in the past year, most recently at the $90 level in from mid december to mid january.

For at least the short term the next two spot price updates will be important. Are we beginning to establish a short term support level around $60? Or is this just a slight stop of the continuing downward trend of the global uranium spot price market?