Steve Penny Reviews Technical Outlook On Oil, Uranium, and Uranium Mining Stocks
Steve Penny, Publisher of the SilverChartist Report, joins us to share a number of key charts on Crude Oil (WTIC) , the Oil:Uranium ratio, Uranium spot price, and the NS Global Uranium Mining ETF (URNM). (all posted below so you can follow along).
Steve sees probabilistic short term weakness in the oil price chart, but is constructive on it getting up to triple digits medium to longer term. We discuss the better setup for a move higher in uranium relative to oil and relative to where overhead resistance levels will come in. While the uranium miners have had a big corrective move, with more potential downside in the near to medium term, Steve outlines that the miners would respond in an outsized manner to any moves higher in the spot pricing, and that longer term he is still very constructive on the whole energy sector.
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