In a recent NFTRH report we noted that the Uranium ETF was making constructive moves at the SMA 200. Here is an updated chart.
This is happening while the Uranium price has done this, so obviously this update is for Uranium heads who have done fundamental research and have clear reasoning why the sector may be making a bottom and leading the commodity itself.
Is it a case of the miners leading the metal as has happened in silver? May well be.
I took a look at Cameco and while I don’t love the chart, it is in a series of higher highs and higher lows off the January low. I am going to assume that the downturn of the last few weeks is in no small part related to an ex-dividend data at the end of March. Regardless, this is a bottom feeder play. The green support area should be respected as a stop loss.
Buy Target: 11.70 to 12
Sell Target: A higher high, approx. 14 for traders, undetermined for investors.
Stop Loss: Below 11.50, which would make a lower low.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.