Uranium group stocks and ETFs were a major area of interest today, with multiple stocks from the group breaking out from base structures potentially into early Stage 2, although not yet clear from overhead resistance – i.e. CCJ, LEU, UUUU, URNM.
They've come up multiple times in the watchlist over the last month and I did a short 12 minute video on the URA etf in last weeks midweek video and the overall position of the stocks in the group with most developing significant bars in potential Stage 1 at the time. So with tentative Stage 2 breakouts and other stocks in the group improving in Stage 1, the ideal would be for some follow through higher for multiple days or even weeks, before potentially forming the Stage 2 backup entry point.
However, I use the word tentative with the breakout attempts, as continued general market weakness could easily cause the fledging breakout attempts to fail and instead form as Upthrusts. So be on alert if they start to fall back below breakout levels for signs of weakness. But it's an area of outperformance at the moment, and so a group to research further.
US Stocks Watchlist – 29 August 2022
There were 24 stocks for the US stocks watchlist today
CCJ, INSW, CAH, NSSC + 20 more...
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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.