The uranium sector has begun to tun around ever so gently with stocks like Cameco (CCJ) rallying nearly 30% from its early November lows. One name which we have kept a close eye on in the uranium space is NexGen Energy (NXE.TO):

NXE.TO (Daily)

NXE rallied up to C$2.00 a couple weeks ago before pulling back on light volume. Yesterday NXE shares caught a renewed bid and rose 6.25% on above average volume. The stage is now set for the next upside push with a breakout above the C$2.00 level targeting a rally up to much bigger resistance in the C$2.30-C$2.40 area.

This turn in the uranium space is something to continue watching closely because the uranium spot price remains depressed and the sentiment on the sector doesn't look much better. What is the market seeing over the horizon?


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