Uranium stock’s have just crossed an important technical indicator.
After falling from its high in February, stocks have once again crossed their 200-day moving average.
The last time this occurred was in the beginning of January, and uranium stocks gained 40%.
It appears volume is once again on the rise as the Global X Uranium ETF breaks through this important resistance, and even the juniors are rallying.
While uranium stocks came close to retesting their lows in November of 2016, we still maintain that was likely a multi-year bottom. Only time will tell!
Collin Kettell and Cejay Kim from the Palisade Global Investments team will be in Vancouver for the Sprott Natural Resource Symposium on July 25-28. Also in attendance will be one of our top uranium picks, GoviEx Uranium.
The Global X Uranium ETF (NYSE:URA) was unchanged in premarket trading Wednesday. Year-to-date, URA has gained 10.96%, versus a 10.92% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Palisade Research.