from ChartWorks:: published by Institutional Advisors
What a difference ten days makes. The strength in the US Dollar, release of the FOMC minutes, and adjustments in the Dow Jones Commodity Index percentages have brought about selling pressure across the complete resource sector since the beginning of the year. Stocks of precious metals, base metals, energies and uranium stocks have corrected significantly.
Most uraniums have held within a few percentage points of key support levels that were outlined on January 2nd. The group remains the strongest in the resource category. Most upside targets remain unchanged; however if the current supports break, then we can look at the potential of deeper corrections, giving back 50% to 78% of the rallies from the October lows.
The opinions in this report are solely those of the author. The information herein was obtained from various sources; however we do not guarantee its accuracy or completeness. This research report is prepared for general circulation and is circulated for general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance.
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September 23rd, 2020
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