Shares of companies which operate on the uranium market, including Cameco (CCJ.US), Denison Mines (DNN.US) or Uranium Energy Corp (UEC.US), which is the largest producer of uranium in the US, are gaining today amid renewed speculation regarding embargo on Russian nuclear products.
For a long time Uranium producers from the west have been trying to persuade the US government to impose sanctions on Russia in order to secure strategic supplies of this commodity and weaken the position of the main supplier which is still Russia's Rosatom.
US Treasury Secretary Jannet Yellen said today that the government will look into Ukraine's calls for US sanctions on Russia's nuclear energy sector, but must also consider the potential consequences for the US and its allies.
Uranium Energy Corp (UEC.US) stock price fell sharply in recent weeks, however buyers managed to halt declines around $6.50, while RSI reached oversold level. If current momentum prevails, upward move may extend towards the psychological resistance $4.0 Source: xstation5
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