Uranium Resources (URRE) engages in the acquisition, exploration, development,and mining of uranium properties, using the in situ recovery mining process. This stock closed up 10.6% to $3.53 in Tuesday's trading session.
Tuesday's Range: $3.14-$3.53
52-Week Range: $1.75-$6
Tuesday's Volume: 552,000
Three-Month Average Volume: 227,584
From a technical perspective, URRE spiked sharply higher here right above its 50-day moving average of $2.88 with above-average volume. This stock has been uptrending for the last few weeks, with shares moving higher from its low of $2.58 to its intraday high of $3.53. During that move, shares of URRE have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of URRE within range of triggering a major breakout trade. That trade will hit if URRE manages to take out some near-term overhead resistance at $3.55 to some past resistance at $4 with high volume.Traders should now look for long-biased trades in URRE as long as it's trending above Tuesday's low of $3.14 or above its 50-day at $2.88 and then once it sustains a move or close above those breakout levels with volume that hits near or above 227,584 shares. If that breakout hits soon, then URRE will set up to re-test or possibly take out its next major overhead resistance levels at $5 to $5.53.
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