In line with our uranium forecast for 2018 we observe this week a potentially very bullish evolution both in uranium stocks as well as in uranium’s spot price. If this trend continues 2018 could become a hugely bullish year for uranium stocks.
First, uranium’s spot price rose with 15 percent this week. Note the steep rally on the small chart. That caused uranium stocks to rise sharply this week. Guess what, most leading uranium stocks are just 10 percent away from a mega-bullish breakout.
Will uranium stocks in 2018 break out from a 7-year bear market?
Admittedly, we are starting to get excited, presumably too early. Be that as it may, we remain focused on the charts, and they indicate that we need to wait just a little bit longer before we have a breakout, and even longer for a confirmed breakout. So there are two important steps that need to be fulfilled.
Very recently, we concluded that the uranium market is most likely trading sideways, or, in other words, consolidating. See the chart we published in uranium stocks building a solid base going into 2018. However, things are not set in stone, and the uranium market has moved up since then to a point where they are very close to a secular breakout.
Uranium Energy Corp is an uranium stock which we consider as a leading indicator for the uranium market given the huge amounts of stock they have built up. This stock is just 10 percent away from a super breakout.
Uranium stocks in 2018 could become extremely bullish if this sector goes a bit higher from here, and remains about breakout levels for at least 3 consecutive weeks. We might see that confirmation around year-end.
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