Taki Tsaklanos over at Investing Haven notes that his outlook for Uranium spot prices remains very optimistic, and that things appear to be turning up lately. As we correctly indicated in our uranium outlook 2018 that uranium spot will provide the final GO for the uranium sector to take off, we are delighted to see a rising uranium spot price. Combined with seasonal strength in the uranium market (as detailed in our outlook) it makes for a perfect receipt for the uranium market to engage in a secular breakout which turns the long term bear market into a newly born bull market. Furthermore, Tsaklanos says that the Uranium ETF has eclipsed a major price hurdle from a technical perspective.
We have for a long time indicated that URA ETF has a critical price point: 15 points. After a triple bottom (higher lows) it seems that 15 points in URA is now cleared to the upside. This paves the way for a run towards 25 points. As a result, he remains very bullish on the sector and URA itself heading into 2018.
The Global X Uranium ETF (URA) was unchanged in premarket trading Monday. Year-to-date, URA has gained 24.48%, versus a 20.33% rise in the benchmark S&P 500 index during the same period.
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