Paladin Energy (PDN) is a uranium company with projects in Australia, Canada, and Africa. “There has been a renewed focus on nuclear energy, but this comes at a time where there is a major supply deficit,” Michael said.
“In the past week, we’ve seen the world’s largest uranium producer downgrade their 2025 guidance, which effectively wipes away about 10% of the world’s supply at a time where supply is already projected to come in under demand.
“I last looked at PDN here in late 2023 and the share price traded from about $10 a share before Christmas to over $17 in May.
“The share price has since retraced those gains and that gives us a second opportunity to get invested.
“The $10 area was always a large area of resistance and then support, and the recent correction has seen PDN come right back to that very important area.
“We have now seen it put in a double bottom near support (arrows), followed by a strong move higher this week on big volumes.
“PDN has now put in a new low as it prepares for a new move higher.
“Current levels are a buying opportunity.
“It should then go on to retest the old high near $18.
“A break of that would then have us targeting levels closer to $30,” Michael said.
Paladin Energy (PDN)
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