NCLR.c shares rally, testing the 50MA. Like many other junior uranium explorers operating in the Athabasca Basin, Basin Uranium (CSE: NCLR) is showing promising early signs of recovery.
Since the beginning of August, share price has continued to rally, causing the 50MA to flatten out after 5 months of bearish movement. NCLR shares are currently on a bit of a bearish bounce after testing the 50MA. However, given the consistent buying shares have seen recently, I expect to see another retest soon as the moving average continues to flatten into a potential inflection.
Companies like Azincourt Energy (TSXV: AAZ) and Skyharbour Resources (TSXV: SYH) have seen similar price action in the past month as well, which shows me the Canadian junior uranium exploration market is seeing a general recovery. I expect updated drilling announcements for NCLR’s Mann Lake Project to positively impact price action, driving the 50MA into a bullish inflection.
NCLR.c is currently trading at $.19, valued at $4.62 million.
NCLR Twitter: https://twitter.com/BasinUranium