NexGen Energy (NXE) has broken the symmetrical triangle
With reference to last week’s update on NXE and its potential implication for the Uranium sector, this morning we find NXE breaking upward from the symmetrical triangle (continuation) pattern. From the update:
Just an FYI on a picture that could be indicating quality within the wider sector and possibly even a positive hint for the sector itself. Of course, NXE has to break the top triangle line to prove a bullish situation.
The bullish situation is a short-term one, but it looks indicative of new highs to come. Taking out and holding the previous high of 8.31 would set the course northward while also transforming the “positive hint” to something stronger for the entire sector on balance.
As a reminder, I am holding UUUU and NXE but CCJ, UEC, DNN, URNM, etc. are also rallying. It’s just that unlike NXE, they are not near blue sky. Hence why I view NXE as a leader currently. If this is not some kind of cruel bull trap, the indication would be that the Uranium sector would be resuming its bull market.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
