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Uranium Stock Looking Attractive Here
Contributed Opinion

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Technical Analyst Clive Maund takes a look at Skyharbour Resources Ltd.'s 3-month and 5-year charts to tell you why he believes it is a Buy.

While it's hardly the most exciting stock around, Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) is regarded as a relatively safe and secure investment here, and the reason that we are reviewing it now is that it looks like it will make worthwhile gains over the short to medium-term because it is set to break out of a small Head-and-Shoulders bottom that is near completion. It is quite a large uranium company with a range of assets and properties.

On the 3-month chart, we can see the rather small but distinct Head-and-Shoulders bottom that has formed in recent weeks beneath a resistance level. In the past several days, it has been working on completing the Right Shoulder of the pattern, so it looks set to break out soon or even immediately.

Whilst we are aware that the pattern could abort, this does not look likely given the strong positive divergence of the Accumulation line over the past several months, which points to an upside breakout. When it does break out, it is thought likely that it will run quite quickly at the next significant resistance level shown in the CA$0.42 area — not a huge gain but worth having as it could happen quite fast, and of course, it could go higher still.

On the long-term 5-year chart, we can see why the Head-and-Shoulders bottom has formed where it has — the price is down close to cyclical lows and in a zone of strong support which is clearly a good point for it to turn higher again.

Skyharbour Resources is therefore rated a Buy here, and it is not regarded as speculative. Whilst the number of shares in issue at 192 million may seem quite high, the company has a lot of assets and properties. The stock trades in healthy volumes on the US OTC market where, as ever, limit orders should always be employed.

Skyharbour Resources' website.

Skyharbour Resources Ltd. closed at CA$0.355, $0.27 on July 20, 2023.

Originally published on on July 21, 2023, at 9.00 am EDT.

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Important Disclosures:

  1. Skyharbour Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. 
  2. Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
  3.  This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here. Disclosures

The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.

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