Uranium Market Forecast For 2021
We do not cover the uranium market often, but, admittedly, this forgotten stock market segment looks increasingly more attractive. There is bullish momentum brewing in this sector. The segment of uranium stocks in 2021 might be one of the outperformers. In this uranium stocks forecast for 2021 we will look at the underpinning uranium spot price as well as the uranium stocks ETF URA. It is another one in our long series of 2021 forecasts, part of our global market forecasts.
The uranium market is quite cyclical in nature. The strongest months of the year for uranium spot as well as uranium stocks are the ones around year-end.
One very important remark for our uranium stocks forecast for 2019 is of course the broader stock market, as well as this the Euro chart which will largely determine how current how global ‘risk on’ indicator evolves. Needless to say, in a bad market scenario all uranium stocks will go down.
Moreover, the uranium spot price is the key driver for uranium stocks. The drivers of the uranium spot price is almost a mystery, this market is quite non-transparent.
Uranium Spot Price Forecast for 2021
The charts of the uranium spot price looks very enticing.
The historical chart over almost 10 years shows a very strong bottoming formation, that is entirely completed now. A rounding bottom which was in the making for some four years is a very powerful bullish pattern.
Needless to say, this is a double breakout. On the one hand there is a break above the previous lows (summer 2014) on horizontal support, on the other hand there is a break above this seven-year falling triangle.
At the same time, there is a new bullish channel (light green) that was confirmed in the last two weeks of 2020.
This is a powerful setup. We are flashing a (very) bullish uranium market forecast for 2021.
As long as uranium's spot price respects $29.00 it will be wildly bullish for #uranium #stocks in 2021. Another InvestingHaven #forecast for 2021.CLICK TO TWEET
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