Power Plays New Idea: URA
August 31, 2022
By Scott Redler
Name: Global X Uranium ETF
Needs to Hold: $21 to $21.60
Price Objective 1: $28 to $29
Price Objective 2: N/A
Sentiment towards nuclear power is improving very quickly because of all the electricity outages and Elon Musk's support. Many governments are quietly backing nuclear more so this could be a leadership group.
URA is digesting its recent move above the moving averages, and I believe it can reach the $28 to $29 area. I'd keep a tight leash on it though, and if it falls to the $21 to $21.60 area, I'd be looking to remove URA from Power Plays.
Uranium can be volatile, so this might be a bit of a wild ride!
Finally, just a quick word on Pinterest (PINS). Social media names are bouncing hard on SNAP's guide down and layoffs, and PINS is up 7%. Maybe this means the group is washed out, which would be good for PINS.
Stay tuned for more updates.
Scott Redler Positions Disclosure