Sprott Junior Uranium Miners ETF Forecast
Sprott Junior Uranium Miners ETF upgraded to Buy Candidate.
(Updated on May 03, 2024)
The Sprott Junior Uranium Miners ETF price gained 1.38% on the last trading day (Friday, 3rd May 2024), rising from $27.45 to $27.83. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 2.39% from a day low at $27.18 to a day high of $27.83. The price has risen in 7 of the last 10 days and is up by 10% over the past 2 weeks. Volume fell on the last day by -75 thousand shares and in total, 111 thousand shares were bought and sold for approximately $3.08 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETFis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $28.36 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Sprott Junior Uranium Miners ETF with a 90% probability to be traded between $23.54 and $28.35 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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URNJ Signals & Forecast
The Sprott Junior Uranium Miners ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $26.33 and $26.03. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 11.28%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Sprott Junior Uranium Miners ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $25.24 and $24.89. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, Sprott Junior Uranium Miners finds support just below today's level at $25.24. If this is broken, then the next support from accumulated volume will be at $24.89 and $24.45.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.650 between high and low, or 2.39%. For the last week, the ETF has had daily average volatility of 4.54%.
Our recommended stop-loss: $26.91 (-3.32%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (URNJ) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Sprott Junior Uranium Miners ETF to open at $27.61, and during the day (based on 14 day Average True Range), to move between $26.65 and $29.01, which gives a possible trading interval of +/-$1.18 (+/-4.25%) up or down from last closing price. If Sprott Junior Uranium Miners ETF takes out the full calculated possible swing range there will be an estimated 8.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $27.92 (0.32%) than the support at $25.24 (9.31%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Sprott Junior Uranium Miners ETF ETF A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Sprott Junior Uranium Miners ETF to perform well in the short-term period. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.109 Buy Candidate Upgraded
Predicted Opening Price for Sprott Junior Uranium Miners ETF of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $27.61 ( 0.779%) | $27.83 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for URNJ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 28.26 | 1.56 % | |
| R2 | 28.02 | 0.665 % | ||
| R1 | 27.86 | 0.114 % | ||
| Current price: | 27.83 | |||
| Support | S1 | 27.37 | -1.67 % | |
| S2 | 27.21 | -2.22 % | ||
| S3 | 26.96 | -3.11 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 28.51 | 2.44 % | |
| R2 | 28.36 | 1.90 % | ||
| R1 | 27.92 | 0.323 % | ||
| Current price | 27.83 | |||
| Support | S1 | 25.24 | -9.31% | |
| S2 | 24.89 | -10.56% | ||
| S3 | 24.45 | -12.15% |
URNJ Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 14, 2023 | Dec 14, 2023 | Dec 21, 2023 | $0.95 | 4.03% |
FAQ
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