ΣL Uranium Composite - 17th July 2024 | @ 68 Days
'B' class signal in Sigma-L Uranium Composite (NXE/DNN/UEC/CCJ/UUUU/UROY/URA). Average wavelength of 68 days over 11 iterations since July 2022. Currently moving up.
ΣL Cycle Summary
This component, which is the smaller of two powerful drivers of price in the uranium sector, has undergone some mild frequency modulation faster recently, prompting a downgrade in signal quality to a ‘B’ category. Moving from around 75 to 68 days average wavelength over the sample period it has probably troughed early July, although some caution should be taken due to the fact the next longer cycle around 150 days is due to trough end July. A strong, recent move up in price is the main justification for the low with a pullback over the last few days possibly providing an entry higher for early bulls. If both components (~150 and ~ 75) have indeed troughed the peaks of February should be targeted. Our update for the longer component is due later this month; we will take another look at price movement at that point for more signs of the larger low. We have also added Uranium Royalty Corp (UROY) and the Global X Uranium ETF (URA) to the composite for the shorter wave here.