A buying opportunity in uranium stocks has emerged as volatility in the space increases, charts show

📆 8-4-2024 19:22:00
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Markets,Global X Uranium ETF,Sprott Uranium Miners ETF

We think the recent volatility in uranium stocks presents an opportunity to take advantage of their cyclical uptrend.

Uranium stocks outperformed the broader equity market in 2023, with the Global X Uranium ETF gaining nearly 38% for the year. However, the segment has been more volatile in 2024, noting a corrective phase in February resulted in an 18% drawdown for URA. The choppy price action of late in URA has resulted in an intermediate-term trading range, which now gives the chart the look of a bullish cup-and-handle pattern.

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