Step-by-Step Technical Analysis of Denison Mines Corp (DNN)

1. Trend and Price Structure

• Intermediate Term: From early February to mid-April 2025, DNN was in a broad sideways consolidation, ranging between ~$1.13 and ~$1.55, punctuated by sharp sell-offs and recoveries. A potential rounded bottom was formed after the large drop and subsequent steady upward grind starting in April.
• Late April – June: The trend shifted into a strong bullish leg, as evidenced by massive volume spikes in late May and early June. The price quickly moved from roughly $1.30 in late April to peak above $1.80 on June 9th. This upswing is accompanied by record-high volumes, indicative of institutional accumulation.
• Recent Action: Since peaking at about $1.81 on June 9, price action was volatile and corrective, with a corrective low at $1.58 on June 10, followed by a stabilization and mild upward grind. The current closing price is $1.65, in the upper region of this recent range and approaching prior resistance levels.

2. Volume Analysis

• Climactic Volumes: On May 23, May 27–29, June 3, and June 9, we observe extraordinary volumes — often over 100 million shares, peaking above 200 million — suggesting either new participants entering or substantial position rotations.
• Interpretation: These surges generally aligned with rallies and subsequent reversals, suggesting profit-taking at highs (distribution) but also robust liquidity and underlying bullish interest. Since mid-June, although volume remains elevated, upward momentum has cooled, hinting at digestion but not a reversal.

3. Support and Resistance Mapping

• Immediate Support: $1.58–$1.62 (multiple closing reactions, including June 10 and June 12)
• Major Support: $1.50 (psychological, round-number level and previous high-volume pivot)
• Resistance: $1.70–$1.72 (multiple failed attempts in early June), $1.80–$1.81 (June 9 swing high)
• Current Price: $1.65. The stock sits between support and resistance, but closer to resistance.

4. Moving Averages (MA)

• Short-Term MA (5–10 day): Estimated moving averages (since detailed MA values aren’t provided) signal the price has recently retaken and stabilized above these levels. Past dips to the 10-day MA zone correlate with rebounds.
• Intermediate-Term MA (20–50 day): The rally has pushed price well above the 50-day MA (likely around $1.45–$1.50), signifying an active bullish environment, though perhaps being overextended in the near term.

5. Momentum and Oscillator Interpretation

• RSI (Relative Strength Index): After the explosive rally and quick reversal on June 9–10, the likely scenario is a cooling RSI from overbought (>70) to neutral/bullish (55-65). This suggests room for further upside, but risk of continued short-term choppy consolidation.
• MACD: On a daily basis, MACD should still be above signal line but the histogram may be flattening, indicating momentum is waning after a run yet not reversing.
• Stochastic Oscillator: Likely rebounding from oversold after the sharp drop to $1.58, lending a mild bullish bias.

6. Candle Patterns and Microstructure

• Last 2–3 Sessions: Daily bars range from strong lows ($1.57) to recoveries ($1.65), with wicks both directions. June 13 shows an upward close, recapturing the mid-range, often a bullish short-term signal after a correction.
• Intraday Action: Small net moves on low after-hours volume suggest market indecision, with limited supply overhead.

7. Fibonacci Retracement Analysis

• From the blowoff top ($1.81) to low ($1.58), the 38.2% retracement targets ~$1.67, and the 61.8% at ~$1.72. Current price ($1.65) rests just beneath the first retracement and is likely coiling for a test higher.

8. Volatility & Bollinger Bands

• Bollinger Band Analysis: Following the widening bands during the rally and the surge in volatility, the current price has pulled back, now likely between the median and upper band, suggesting mean reversion or a renewed volatility expansion is possible.
• ATR (Average True Range): Still elevated, implying sharp moves are possible in the next 24h. Rapid upswings or downswings remain a risk.

9. Market Sentiment and Catalysts

• Broader Uranium Market: Uranium and nuclear energy stocks have drawn renewed attention and investment in 2025, and volume surges imply positive sentiment persists.
• No evidence of Prolonged Distribution: The correction appears to be a bull flag/continuation pattern rather than sustained profit-taking.

10. Pattern Analysis and Pro Outlook

• Chart Patterns: The 3-day dip and recovery forms a classic bull flag or descending channel within a larger uptrend. Rallies after volume consolidations tend to see a breakout + measured move equal to the prior impulse (from $1.58–$1.81 = $0.23, projected from $1.65 = $1.88 target in an aggressive upside scenario).
• Elliott Wave Analysis: Rally since May shows impulsive characteristics (wave 3), the retreat a corrective (wave 4), with potential for wave 5 breakout attempt toward or above $1.78–$1.81.

11. Risk Management

• Downside Risks: Should $1.62 support fail, quick move to $1.59–$1.58 or even $1.52 is possible.
• Risk/Reward: Buying here, targeting $1.72–$1.78, versus a stop just below $1.58 offers 2.5:1 to 3:1 R/R.

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Conclusion & 24h Prediction

Given the market structure, volume profile, retracement setup, and imminent breakout coil pattern, DNN has a bullish bias for the next 24 hours. The most likely move is a test of $1.70–$1.72 resistance (possibly spiking to $1.75), with support at $1.62. Unless $1.58 fails, the base case is upward continuation.

• Decision: Buy (Long)
• Optimal Entry: $1.64 (slight pullback to current micro-support, optimal R/R)
• Target: $1.72 (short-term resistance, also the 61.8% fib retrace and prior swing high zone)

Aggressive traders may aim higher ($1.78), but $1.72 is prudent for 24h. If DNN drops below $1.58, the long thesis is invalid.