BOE - Best Uranium play on the ASX
It's no mistake that BOE has one of the strongest looking charts out of all Uranium plays because of the companies excellent fundamentals.
You can read more about BOE's company highlights and their A+ team here,
https://hotcopper.com.au/posts/36024655/single
Also I wrote a condensed outline of the current Uranium market narrative and what is to be expected in the near term bull run,
https://hotcopper.com.au/posts/36118637/single
BOE - Daily Chart
- From June to July, BOE had been in a heavy accumulation zone, including very large shares purchases by Tribeca and Paradise investment funds around the 7c mark.
- After making consistent higher lows throughout the month of September, BOE was looking highly likely to break out at the start of October.
- Over the past 2 weeks of trading (and like all other ASX stocks) BOE's share price had fallen lower and out of the 6.3 - 7.4c trading range.
- After the biggest sell-down day on the ASX, BOE rebounded strongly off it's 200MA and closed above the 6.3 strong support line.
- Low volume in the sell down indicates it was likely only retail selling.
- Currently BOE has broken out of the "Bull-Flag" pattern but with Uranium momentum building, I'm expecting price to be back up and nearer the 7.4c resistance line in a week or 2, or when the market calm down a bit.
- Based on the Bull-Flag pattern there's a price target of around 11c
- Both RSI and MACD have turned upwards.
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In other Uranium news,
BKY has had it's Uranium mine blocked by the Spanish government.
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This is quite big news for Uranium and only adds more weight behind the Uranium bull narrative as BKY was an expected
top 10 future supplier of Uranium.
The future Uranium supply models would have all included BKY into their projections.
This leaves even more doubt to future supply...
Bullish for Uranium!
(20min delay)
