This is not the first time we have looked at uranium this month but after Friday’s advance to multi-year highs, we thought it was an important time to clarify our firm opinion, i.e. we are bullish. The URNM ETF closed up another +1.75% on Friday, suggesting another strong day for the local sector today – this ETF follows companies who devote at least 50% of their business to uranium, it currently includes Cameco Corp (CCJ US) 16.1%, Paladin (PDN) 4.7% and Boss Energy (BOE) 4.7%.
It’s not often that we see a stock/commodity so aggressively move to a new level of equilibrium, but when it’s not driven by “flash news” the chances of continuation are high, in the case of the URNM, our initial target is around 20% higher, even after the recent +50% move.
- The uranium sector is accelerating on the upside, we are targeting a break of its 2021 highs in the months ahead.
MM is bullish toward the URNM ETF
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