Watch URA's gap fill at $53.42; a break of resistance could trigger a head and shoulders pattern leading to a ~15% drop to below $38.

Finally, let's conclude our discussion about uranium, URA. I haven't touched on uranium for a long time. But I have two main levels here that I would like to highlight . First, the last high turning point .

A major resistance level, and the psychological figure is at $50.

If we rise and get there, I certainly expect a level of resistance, but the main level I'm watching is the gap filling at $53.42. Now, let's assume the price reverses, is there a possibility of a "head and shoulders " pattern forming? Actually, yes.

Despite all these gaps in the chart, it may form a small possible head and shoulders pattern. It's not a perfect model, is it?

But it is a model through which you can see measured movement . Let's assume it broke through this level. The measured move would essentially take it to previous lows, recent bottoms, i.e., down about 15%, to below $38, and close to $37.

So, this would be a major head and shoulders pattern to watch here on the URA going forward.