The uranium market is breaking out. That is happening just two weeks after InvestingHaven’s research team wrote their uranium forecast for 2018 and uranium stocks in 2018 ready to explode, two extremely valuable and spot-on pieces.
Let’s get this straight: a couple of months ago we identified 15 points in URA ETF (URA), the uranium miners stock, as the breakout level. Below is the chart with exactly the same annotations as published in this article in August: uranium miners building a solid base. We made a point that uranium could be trading sideways for a while, but it would be a solid base for a future bull market.
Just 3 months later we now see that this base building could be turning into a bullish breakout.
One day does not make a market, and being too excited is mostly not a good thing. However, in this particular case, in which ‘nobody’ is looking into the uranium market, there still is a negative sentiment, getting excited with a breakout is definitely justified.
The uranium market needs to confirm this bullish breakout with trading above 15 points for at least two consecutive weeks.