The Uranium Miners ETF (URA) is poised for another successful year in 2026, due to the growing global demand for nuclear energy. This ETF provides focused exposure to uranium mining and exploration companies, offering a pathway to capitalise on the long-term growth of the sector. URA concentrates on a selection of producers, developers, and related equities, positioned to benefit from a tightening uranium market.
The monthly Elliott Wave chart for URA shows its Grand Super Cycle completion at $6.95. Post this low, the ETF began a new wave ((III)) advance, characterised by an impulsive nested sequence. Wave I reached $31.60 before a corrective wave II hit $17.65. A nest was created with wave ((1)) at $33.66 and wave ((2)) pulling back to $19.50. Maintaining above these levels, especially $6.95, suggests pullbacks will be supported.
On a daily chart, URA shows an impulsive advance from the wave ((2)) low on April 7, 2025. Wave (1) concluded at $42.22, followed by wave (2) at $35.64. The subsequent wave (3) saw wave 1 peak at $60.51, with wave 2 pulling back to $39.95. As long as the $19.50 pivot holds, the ETF is expected to find support and continue its upward trajectory.
The long-term technical structure for the Uranium Miners ETF (URA) remains firmly bullish as we begin 2026. The analysis shows we are in a major upward wave, with key support established at $19.50 from a pullback last year. As long as this level holds, the path of least resistance is higher, making dips attractive buying opportunities.
This bullish technical view is supported by a tightening fundamental market. Following the COP30 climate summit late last year, several nations reaffirmed their commitment to nuclear energy, with China’s National Energy Administration recently greenlighting another eight reactors. This sustained demand is a primary driver for the sector’s positive outlook.
On the supply side, major producers like Kazatomprom reported in their Q4 2025 results that production would remain constrained through at least the first half of 2026. This supply-demand imbalance has helped push the uranium spot price above $110 per pound last week, a key psychological level not seen since before the Fukushima incident. Historically, sustained periods of high spot prices have directly preceded major rallies in uranium equities.
Given this backdrop, traders should view any weakness as a chance to initiate bullish positions. Buying call options on pullbacks toward the $39.95 level, which marked a low late in 2025, offers a way to capitalize on the next move up. We are looking at expiries in the March and June 2026 contracts to give the trade time to develop.
For a more risk-defined approach, implementing bull call spreads would be prudent. This strategy allows us to participate in the upside while capping our maximum loss if the market turns against the primary trend. Structuring these spreads around the recent highs near $60 would capture the momentum if URA breaks out further.
Considering the upward trend, selling out-of-the-money puts below significant support, such as the $35.64 pivot from last year’s correction, is another viable strategy. This allows us to either collect premium as the ETF continues its ascent or acquire shares at a more favorable price. This approach aligns with the view that pullbacks are expected to find strong support.
