Technical Analyst, Saxo Bank
Summary: Uranium, both physical and Uranium producing companies are on the move after Physical Uranium has confirmed technical uptrend. Some Nuclear Power companies could benefit too
There are several options to trade and invest in Uranium and Uranium/Nuclear Power related instruments on SaxoTrader Platforms.
Below Physical Uranium instruments, a Uranium ETF and Uranium mining companies
Saxo also have a Nuclear Theme basket with Uranium mining companies, and companies building or running Nuclear Power plants
Physical Uranium (Sprott Physical Uranium) has confirmed uptrend yesterday short-term with a higher close and RSI back above 60 threshold.
The uptrend has come after a triple bottom was formed and confirmed. Short-term target at around CAD 17.15 but there could be upside potential to February peak around 17.57.
For Physical Uranium to reverse the uptrend a close below 15.62 is needed.
Medium,-term Physical Uranium is close to break above the upper falling trend line in the Triangle like pattern. If it closes above the falling trendline and RSI closes above 60 a medium-term uptrend has been confirmed.
A close below 14.75 and Physical Uranium will confirm a downtrend.
The biggest Uranium ETF URA:arcx broke yesterday out of its triangle like consolidation pattern to close bang on the 200 daily Moving Average.
RSI closed above 60 threshold indicating higher Uranium ETF levels. If URA closes above 21.10 the ETF is back above the Ichimoku cloud which further confirms uptrend.
Resistance at around 21.67 and the 0.618 retracement.
Medium-term, URA still trading in a big descending triangle like pattern. A close above the 55 weekly Moving Average and the upper falling trendline could signal a trend reversal to up.
If URA takes out the January 2023 peak the ETF could have potential to 28-30
Strong support base around 18.47. IF closing below URA is likely to resume medium-term bearish trend down to around 14.50.
2024: The wasted year
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As US economic slowdown hints at a shift away from exceptionalism, USD faces downside with looming Fed cuts. AUD and NZD set to outperform as their rate cuts lag. JPY gains on carry unwind bets and BOJ pivot.
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Markets are driven by election optimism, overshadowing growing debt and liquidity concerns. The 2024 elections loom large, but economic fundamentals and debt issues warrant cautious investment.
As US economic slowdown hints at a shift away from exceptionalism, USD faces downside with looming Fed cuts. AUD and NZD set to outperform as their rate cuts lag. JPY gains on carry unwind bets and BOJ pivot.
Amid AI and obesity drug excitement, equities see varied prospects: neutral on overvalued US stocks, negative on Japan due to JPY risks, positive on Europe. European defence stocks gain appeal.
With the economic slowdown, quality assets will gain favour, especially sovereign bonds up to 5 years. Central banks' potential rate cuts in Q2 suggest extending duration, despite policy and inflation concerns.
Commodities poised for rebound. The "Year of the Metal" boosts gold and silver, copper awaits rate cuts. Grains may recover, natural gas stabilises. Gold targets $2,300-$2,500/oz, copper's breakout could signal growth.