Cameco broke out from large triangle pattern in June. This breakout followed a large consolidation for over a year, after the first major leg up from 2020 lows.
If the backtest of triangle holds, CCJ and Uranium sector could be setting up for next major leg of new bull market in Uranium.
The technical uptrend is backed by strong sector fundamentals given supply/demand imbalances (exacerbated by geopolitical tensions), financial players (e.g. Sprott) supporting Uranium sport price and overall change in public sentiment towards Nuclear.
A weakening US dollar would also help the commodity trade more broadly, including Uranium as well as the Metals.
URNJ (junior miners) could be a great way to play the sector if next leg up materializes.
If the backtest of triangle holds, CCJ and Uranium sector could be setting up for next major leg of new bull market in Uranium.
The technical uptrend is backed by strong sector fundamentals given supply/demand imbalances (exacerbated by geopolitical tensions), financial players (e.g. Sprott) supporting Uranium sport price and overall change in public sentiment towards Nuclear.
A weakening US dollar would also help the commodity trade more broadly, including Uranium as well as the Metals.
URNJ (junior miners) could be a great way to play the sector if next leg up materializes.