Uranium: URA and CCJ

Question: Steve- can you take a look at the charts of CCJ and URA? Thanks

The Global X Uranium ETF (URA) completed a large base spanning from 2014 through 2025, which initially favored further strength toward 55–56, aligning with the 38.2% retracement of the 2011–2020 decline and the base pattern count. Importantly, URA successfully defended its rising 26- and 40-week moving averages on the late-2025 pullback to 39.95, reinforcing the bullish intermediate-term structure.

With that support holding, URA has the potential to extend its rally beyond the mid-October high at 60.51. Upside targets include 65.29 (the 61.8% extension of the April–October 2025 advance projected from the November 2025 low), followed by 70.73 (50% retracement of the prior secular decline), and ultimately the 80.95–85.79 zone (100% extension and the 61.8% retracement levels). The chart below shows additional upside targets if URA continues to rally.

On the downside, 49.71 marks initial support. Beneath that, a rising band of support from the 13-, 26-, and 40-week moving averages—currently ranging from 47.76–45.98 down to 41.21—continues to underpin this constructive technical setup for URA.

Chart 1: Global X Uranium ETF (URA): Weekly chart

Cameco Corp (CCJ) continues to run higher on the back of a massive basing pattern that formed between 2007 and 2025. The decisive rally above 56 and the secondary breakout above 62.55 confirmed this bullish setup in mid 2025 to suggest further strength to 70.38 (61.8% extension of the March 2020 to December 2024 rally projected up from the April 2025 low), 92.24 (100% extension), and 107 (big base pattern count). CCJ has since met and exceeded these targets with the next target at 127.62 (161.8% extension).

Chart 2: Cameco Corp (CCJ): Monthly chart

CCJ shows bullish consolidation patterns on its daily chart. The breakout above the 95-96.96 completed an early November-early January base with upside potential to 116, which the stock is approaching. Sustaining the push above the 110.16 peak from late October would suggest a bigger bullish consolidation and target 142.

Using the 61.8% and 100% extensions of the April 2025-October 2025 rally projected from the November 2025 low as a guide project CCJ to 124.14 and 152.85, respectively.

The 107-106 level offers a tactical risk management support on CCJ. Rising 13-, 26-, and 40-day moving averages at 102.78, 96.96, and 93.54, respectively, reinforce the bullish backdrop.

After a brief corrective phase CCJ has reasserted its leadership trend on new highs relative to the S&P 500.

Chart 3: Cameco Corp (CCJ) (top) and relative to the S&P 500 (bottom): Daily chart