Chart of the Day: A Look at the Newest Portfolio Position
Here's the level where we currently see a good opportunity, and where the stock could make a run to over the long term.
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If you blinked yesterday then you may have missed us adding the VanEck Uranium and Nuclear ETF NLR to TheStreet Pro Portfolio.
This is an interesting vehicle, which houses several big energy producers, mostly in the electric and nuclear arena. The biggest holding is Constellation Energy CEG, which has been in the news recently as a surge in power for AI is demanding more energy from its sources.
There is really no telling how much power needs to be generated, but the names in the NLR should be enough to supply what is needed. Further, some potential deregulation in the electric industry might also light a fire under these names, which also include PG&E PCG, Endesa, Okor, Cameco CCJ (uranium) and Public Service Enterprise Group PEG.
The chart shows the ETF is in a sideways consolidation, currently at the lower end of the range. We have seen good support for the NLR at the 200-day moving average (top pane), the MACD (moving average convergence/divergence) seems to be rolling over for now, while momentum (stochastics) are also poor.
High volume this week on a down session means big money is taking money off the table. However, we see the recent highs last week as a good opportunity, and over the long run we see this stock making a run to $120 or so (current price target is $98).
We like NLR in TheStreet Pro Portfolio and rate it a Two, or "stockpile on pullbacks."
At the time of publication, TheStreet Pro Portfolio was long NLR.
