Due to recent strength, we are tightening stop-losses in a couple of existing long ideas:
Monday.com (MNDY): to $161 from $157
Worthington Industries (WOR): to $66 from $64
Given a recent positive shift in the iShares MSCI Emerging Markets ETF (EEM), we are willing to give it more room to ~$46 (raising target from $43).
Uranium-related stocks are offering compelling setups, alongside others in the commodities complex. Today we feature Cameco (CCJ), a large-cap uranium provider:
CCJ looks to be completing a digestive phase within its long-term uptrend after a recent breakout from a multi-month triangle pattern. Short-term indicators point higher, and a new daily MACD “buy” signal should help CCJ surpass June’s high.
An upturn in the weekly stochastics supports additional upside, noting they have room to overbought territory. Positive intermediate-term momentum should also help lift the stock higher, and a recent bullish shift in long-term momentum provides more favorable long-term prospects.
CCJ’s triangle breakout targets ~$37.00 based on a long-term Fibonacci resistance level. A stop-loss can be placed below the rising 50-day (~10-week) moving average near $29.50, which is initial support.
Cameco (CCJ, $32.32):
Target: $37.00
Stop-Loss: $29.50 (50-day MA)
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