The uranium futures price is at a critical technical junctur...

The uranium futures price is at a critical technical juncture. After a very strong short term uptrend between July 2023 and January, a steady corrective phase saw it retrace to the long term uptrend ribbon.
While we're on the topic of key components of my technical analysis method, let me add another! My trend ribbons offer dynamic support on the way up and dynamic resistance on the way down.
For uranium, it's a case of the long term uptrend ribbon offering dynamic support, as you can see clearly with the price bouncing steadily since the 13 March low at 83.15.
Just as important, is a confirmation of this support in the form of rising troughs. This confirms the market has moved back to a buy the dip mentality. Wednesday's formation of a higher trough at 87.20 is encouraging in this regard.
A close above 89.40 will confirm a move back to rising peaks, and therefore signal continued supply removal. Rising peaks and rising troughs is another key component of my technical analysis method.
Looking forward, I suggest that while the price continues to close above 83.15 the long term trend is intact. A close above the short term downtrend ribbon will remove the final short term barrier impeding a potential move back to the 18 January high at 107.25.