URG & SLW are both mining stocks with potentially bullish setups. The following charts and notes were shared from TheStockFox.com, which is an excellent resource for additional trade ideas, especially in the mining sector. Dax, who runs the site, and I share and bounce trade ideas off each other from time to time. Here are his notes and charts on these two trade ideas, for anyone looking from some additional trade ideas in the sector. I will add these to the Long Setups category but as these are not my trade ideas, even though I might personal take a position(s), I will not move these to the Active Trades category nor follow-up on these trades, assuming they trigger an entry (breakout). Just figured that I’d pass along the trade ideas as they do look promising.
URG is a uranium junior miner. Short term on the daily chart this stock is pretty overbought. But as you can see once this trend-line breakouts I believe we could see a multi-year run.
I have no idea which way this will breakout, but if it breaks to the upside the targets are shown above, should it breakout to the downside I will update the chart with a daily. A stop would be placed on either side of the triangle consolidation.