We noted in NFTRH 454 (online edition) a couple weeks ago that…
“The uranium fund is pinned below the declining SMA 50 but has the look of a flag that could see another pop. The 1st resistance point is the sideways-going SMA 200 (currently 13.84), which halted the last bounce. If this gets above 14 be on alert for a new, extended U trade.”
Here is the current URA chart.
It is a sector that is not going away, even as it struggles with a supply glut. Indeed, reactors are being built and one day this hated sector will recover.
That’s the bigger picture. On the smaller picture here is Cameco, a primary U miner inching above a short-term resistance point. The little pattern would target 10.40 or so. A break of the wedge, higher, to maybe the mid 11s.
Just a little snapshot of an out of favor commodity sector.
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