The URNM ETF closed up +1.6% overnight, a solid 14% above last week’s low. However, the muted move overnight suggests another strong session by ASX uranium names is unlikely unless the shorts continue to cover in earnest. Still, we believe buying will resurface into any dips after the price action over the last week. The aggressive decline from Mays high appears over, and the shorts should be nervous.
- We initially believe the URNM ETF’s next ~10% move will be on the upside, as it at least corrects the last 4-month decline.
MM is bullish on the URNM ETF
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