Investing
Haven
No Result
View All Result
Wednesday, February 1, 2023
  • Login
  • 2023 Forecasts
  • Stocks
  • Commodities
  • Silver
  • Lithium
  • Crypto
3 premium services >>
Investing
Haven
  • 2023 Forecasts
  • Stocks
  • Commodities
  • Silver
  • Lithium
  • Crypto
No Result
View All Result
InvestingHaven
No Result
View All Result

Uranium Market Outlook 2023: Bullish Bias

The uranium market has a bullish bias in 2023, however both the price of uranium and uranium stocks must prove their ability to clear resistance

by Taki Tsaklanos
December 11, 2022
in Forecasts
0
Tags: 2023 ForecastsCCJMust Read ForecastsURAURANIUM
uranium stocks
1.9k
VIEWS
Share on FacebookShare on Twitter

Our uranium market outlook 2023 has a bullish bias primarily because of the uranium spot chart. However, we cannot confirm a bullish outlook, not yet, as a 2023 forecast. That’s because there is important chart resistance to be cleared. Moreover, as explained in our most recent chartbook with high probability 2023 trends, the commodities space does not look great for 2023 (average to bearish for many commodities, bullish for only a handful of commodities, yes our silver bullish forecast and green battery metals are top on the list).

We start our uranium market outlook 2023 with a review of the uranium price chart on the longest timeframe: the monthly chart since 2008.

The uranium price chart has a bullish reversal with 3 key levels: 55, 90 and 103. No surprise, uranium spot has been hesitating and consolidating in 2022 in the 50 to 60 area.

We firmly believe that our uranium market outlook 2023 will turn bullish once uranium spot is able to clear 60.

uranium STOCKS outlook 2023

Next, we’ll take a look at the uranium stock sector based on the URA ETF. We’ll start with the weekly uranium sector chart.

As seen, the weekly URA ETF chart has a series of lower highs. This, in and on itself, is bearish. However, it might be part of a bullish reversal if key support holds and once the falling resistance trend is cleared.

For now, we watch the 17 – 18 area. This is important support. If this market wants to work toward a bullish outcome in 2023 it must respect support and start clearing this falling 2022 trendline.

uranium PRICE outlook 2023

Let’s zoom in and look at the URA ETF daily chart.

Below is a close-up of the ongoing pattern that we labeled as ‘a series of lower highs’.

Moreover, and equally important for our uranium market outlook 2023, is the falling trendline that originated in April of 2022 right before we wrote Is The Uranium Price Uptrend Exhausted?

At this very point in time, the setup is more of a bearish triangle. However, if the falling trendline can be cleared, it can turn into a bullish reversal structure.

uranium chart outlook 2023

We look at the same URA ETF daily chart with a different charting tool. What we observe is that there is also a rising trendline that started in the Corona crash period and turned into support in November of 2020. This trendline is thoroughly being tested right now.

uranium daily chartIt is clear why we summarize our uranium market outlook 2023 as follows: “The uranium market has a bullish bias in 2023, however both the price of uranium and uranium stocks must prove their ability to clear resistance.”

The uranium market is at a pivot point right now. There is no way of knowing exactly if it will move higher or find resistance here even though the bias continues to be bullish. We would say: bullish bias until proven otherwise. The outcome will be wildly bullish or bearish, a pretty extreme outcome for our uranium market outlook 2023!

We take a quick look at the largest uranium miner: Cameco Corp.

The daily chart since the Corona crash is featured below.

The distribution pattern (in the form of a rounded reversal, the bearish version of it) is dominant right now. The uptrend that started exactly 2 years ago is not dominant any longer. The ongoing consolidation will need a breakout sooner or later, otherwise it will either continue consolidating (lower probability) or move to a lower area.

CCJ daily chart

Interestingly, the uranium market is pretty consistent right now: the uranium spot price is hitting an important pivotal area (resistance until proven otherwise), the same goes for the uranium sector chart URA ETF and in a way also Cameco Corp (the largest uranium miner).

It is clear why we summarize our uranium market outlook 2023 as follows: “The uranium market has a bullish bias in 2023, however both the price of uranium and uranium stocks must prove their ability to clear resistance.”

 

Must-Read 2023 Predictions – We recommend you read our 2023 predictions as they are very well researched:

  • 1

    A Silver Price Forecast For 2023

  • 2

    A Stock Market Crash In 2023?

  • 3

    Silver Stocks Outlook For 2023

  • 4

    Commodities Outlook 2023

  • 5

    Uranium Market Outlook 2023: Bullish Bias

  • 6

    Which Sectors Will Be Bullish In U.S. Markets In 2023?

  • 7

    2023 Market Trends

  • 8

    5 Investing Tips For 2023

  • 9

    A Very Bullish Graphite Stocks Forecast For 2023

  • 10

    Healthcare & Biotech Stocks: A Big Opportunity In 2023

  • 11

    Lithium Forecast: Lithium Stocks Will Be Wildly Bullish In 2023

  • 12

    Which Precious Metal To Buy For 2023?

  • 13

    5 Cryptocurrency Predictions For 2023

  • 14

    A Gold Price Forecast for 2023

 

Receive our weekly newsletter.

*We hate spam as you do.

premium service trade alerts   premium service trade alerts   premium service crypto teaser  
WARNING: InvestingHaven.com, our site, is not affiliated and has no connection whatsoever with Invest Haven Group on Invest-Haven.com or Investing-Haven.com. InvestingHaven.com did not have and will never have sales reps. Do not accept financial offers, certainly not by telephone, this is why >>
Taki Tsaklanos

Taki Tsaklanos

Taki has +15 years of experience in global markets. His methodology is unique and effective, yet easy to understand; it is based on chart analysis combined with intermarket / fundamental / sentiment analysis. His work appeared on major financial outlets like FinancialSense, MarketWatch, ... Email: taki.tsaklanos@gmail.com. Twitter: twitter.com/investinghaven

Latest

lithium graphite icon

Lithium & Battery Technology Sector Bouncing Back, Strongly

January 29, 2023
silver miners

Silver Junior Miners Working On A Strong Long Term Base, Huge Upside Potential

January 29, 2023
lithium forecast

Lithium: Buy Or Sell?

January 27, 2023
nasdaq

Nasdaq Touching Its 200 Day Moving Average. Time To Sell Again… Or Buy?

January 26, 2023

Connect with InvestingHaven

Receive top notch forecasts for free.

*We hate spam as you do.

Categories

  • 2023 Forecasts
  • Stocks
  • Commodities
  • Silver
  • Lithium
  • Crypto

Site Navigation

  • RSS Feed
  • About us
  • Mission 2026
  • Sitemap
  • Privacy & Disclaimer
  • Terms of Service
  • InvestingHaven vs. Invest-Haven
  • Contact Us
Investing
Haven

Top notch forecasting with gold price forecast, many stock predictions, cryptocurrency charts. Many investing tips and crypto market analysis.

Copyright © 2023 InvestingHaven

No Result
View All Result
  • Premium Investing Service
  • Premium Trading Service
  • Premium Crypto Service
  • 2023 Forecasts
  • Stock markets
  • Commodities
  • Lithium
  • Silver
  • Crypto
  • Login & MyAccount

Copyright © 2023 InvestingHaven

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

    InvestingHaven.com honours your privacy. Read our Privacy Policy