Uranium Miners ETF (URA) Looking to Resume Higher

The Global X Uranium ETF (URA) is an investment vehicle aimed at tracking a market-cap-weighted index of companies in the uranium mining and nuclear components sector. URA has gained attention due to the resurgence in nuclear energy demand, particularly from tech and AI sectors, with its performance recently showing strong recovery and volatility, reaching near multi-year highs. The ETF includes major players like Cameco Corp, has a market cap of about $3.9 billion, and offers a dividend yield of around 6.07%, with technical indicators suggesting further potential growth.

$URA Elliott Wave Chart Monthly Chart

Monthly chart of $URA above shows that the ETF has ended wave ((II)) Grand Super Cycle at 7.01. From there, the instrument is nesting higher in an impulsive structure. Up from 3.18.2020 low, wave I ended at 31.6 and pullback in wave II ended at 17.65. The ETF extended higher in wave ((1)) towards 33.66 and pullback in wave ((2)) ended at 22.79. Expect the ETF to extend higher while above 7.01 low.

$URA Daily Elliott Wave Chart

Daily chart of $URA above shows that rally to 33.66 ended wave ((1)). Pullback in wave ((2)) unfolded as a zigzag structure. Down from wave ((1)), wave (A) ended at 28.56 and rally in wave (B) ended at 31.52. Wave (C) lower ended at 22.84 which completed wave ((2)) in higher degree. Up from there, wave (1) ended at 33.99 and wave (2) ended at 26.6. While above 22.84, expect the ETF to extend higher.

Source: https://elliottwave-forecast.c...