The uranium sector has had a bullish two months and over the past five trading sessions, stocks such as NexGen Energy Ltd. (NYSE:NXE) and Energy Fuels Inc. (NYSE:UUUU) have seen their shares rise more than 20%.
North Shore Global Uranium Mining ETF (NYSE:URNM) holds both NexGen and Energy Fuels along with 35 other companies involved in uranium mining, exploration, development and production or that hold physical uranium or uranium royalties.
North Shore Global stock is up 46% so far in 2021 but could be heading to a new all-time high.
On Tuesday morning, North Shore Global stock ticked $64, the all-time high it made back on March 16, but was initially rejected. It may just be consolidating to gain more power for the next leg up.
The URNM Chart: North Shore Global stock is trading above the commonly followed eight-day exponential moving average (EMA) and the 21 EMA. On Thursday, North Shore Global broke out of the bullish descending channel it had been trading in since March 16 and on Monday the stock jumped above its resistance level at $59.75.
Monday’s daily candle is a bullish shaven head candle with a long lower wick, which could indicate higher prices are coming.
Bulls would like to see daily consolidation, above support at $59.75, which would give time for the eight and 21 EMAs to catch up. North Shore Global stock could then boost up over $64 for an all-time high run.
URNM Price Action: Shares of North Shore Global were trading down 1.4% to $62.10 at last check.
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