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The Uranium Miners ETF Has Officially Broken Out To The Upside

Monday, January 9, 2017 5:33
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(Before It's News)

From Taki Tsaklanos: If anything, our readers and subscribers cannot complain about the accuracy of our market model. We observed A Very Bullish Sign In Uranium Miners a month ago, and said to watch the uranium space very closely.

Less than two weeks ago, we tipped the uranium mining sector as one of our 4 favorites for the short term, as explained in great detail in 4 Stock Market Sectors Which Could Outperform In The First Months Of 2017.

This week, uranium miners broke out. It’s official now.

Let’s revise the daily and the weekly chart for some important observations.

The daily chart shows how we spotted this higher lower in a +12-month bottom formation, and that on increasing volume. Look how volume is exploding at this point. Those are very strong signs of demand.

uranium miners daily chart

As seen on the weekly chart, uranium miners made a long bottom formation throughout the year. They broke out of their 4-YEAR LONG bear market channel. This looks like a mega break out to us. We want to see the 15 level taken out first, and a solid rise (not too fast though). Those will be the signs of a strong breakout. A retest of the breakout level is likely though.

A mix of large and juniors can be added to portfolios, but given the extreme volatility of the uranium sector we recommend to keep the positions contained (in relative terms on a total portfolio) and define an exit-point which is an extremely important step.

uranium miners breakout 2017

The Global X Funds URA Uranium ETF (NYSE:URA) was unchanged in premarket trading Monday. Year-to-date, URA has gained 11.34%, versus a 1.65% rise in the benchmark S&P 500 index during the same period.

URA currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #51 of 123 ETFs in the Commodity ETFs category.


This article is brought to you courtesy of Investing Haven.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)



Source: http://etfdailynews.com/2017/01/09/the-uranium-miners-etf-has-officially-broken-out-to-the-upside/

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