Are Uranium ETFs The Next Super Growth Industry? One Analyst Is Excited
Portfolio Pulse from Melanie Schaffer
Sprott Uranium Miners ETF (URNM) rose over 2% on Wednesday, with Bloomberg's senior ETF analyst, Eric Balchunas, predicting that Uranium ETFs could grow 2-3x in the next two years. Balchunas believes that the world's need for zero-carbon and affordable electricity, which nuclear energy provides, will drive this growth. From a technical analysis perspective, URNM could potentially surge about 33% in the short-to-medium term if it breaks up from its bull flag pattern.
September 20, 2023 | 4:39 pm
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Sprott Uranium Miners ETF (URNM) is predicted to grow 2-3x in the next two years, driven by the increasing need for zero-carbon and affordable electricity. It could potentially surge about 33% in the short-to-medium term if it breaks up from its bull flag pattern.
The prediction of 2-3x growth for Uranium ETFs in the next two years by Bloomberg's senior ETF analyst, coupled with the technical analysis indicating a potential 33% surge for URNM in the short-to-medium term, suggests a positive impact on URNM's stock price. The increasing global need for zero-carbon and affordable electricity, which nuclear energy provides, is expected to drive this growth.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100