SIACharts Logo

Commentary >

Nexgen Energy Ltd. - (NXE.TO) - November 10, 2021 

Since we last mentioned uranium explorer Nexgen Energy (NXE.TO) in the September 2nd issue of the Daily Stock Report, the shares have climbed 28.6%. They also continue to climb up the rankings within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday they finished in 8th place, up 2 positions on the day and up 104 spots in the last month.

Since breaking out of a $4.50-$6.00 sideways range back in the summer, NexGen Energy (NXE.TO) shares have remained under accumulation, with corrections being contained by higher lows above the 50-day moving average. Yesterday, the shares closed at a high on $8.00 and appear poised for a breakout.

A close above $8.00 would complete a bullish ascending triangle pattern and signal the start of a new upleg. Should that occur, measured moves from recent trading ranges suggest next potential upside tests near $9.00, then the $10.00 to $10.50 area. Initial support appears in the $7.00 to $7.25 area above uptrend support.

Even after a high pole summer breakout rally ended in September, NexGen Energy (NXE.TO) shares have remained under accumulation, with corrections continuing to bottom out at higher lows and the shares continuing to climb. Yesterday, the shares broke out over $7.75 to another new high, completing a bullish Double Top pattern breakout and confirming October’s similar breakout.

Initial upside resistance appears near $8.35, but if it can get through there, next resistance doesn’t appear until the $9.95 to $10.35 range, all based on a combination of vertical and horizontal counts and the $10.00 round number. Initial support appears near $7.25 based on a 3-box reversal.



With its bullish SMAX score increasing to 9, NEE.TO is exhibiting strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.