TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website, joins us to share his technical outlook for uranium stocks, gold, GDX, silver, US general equity markets, bitcoin, and the crypto miners.  

We lead off looking at the continued surge in uranium stocks via the Sprott Funds Uranium Mining ETF (URNM) and Denison Mines (DNN), noting they may be getting extended in the short-term, but still are set up in a bullish pattern for the medium-term. Next we look at the technical set up in gold, which has been bullish on the longer-duration weekly and monthly charts, but a bit weaker on the short-term daily chart.  GDX and Silver both are choppier charts, channeling sideways, and have yet to show the same bullish posture as the gold chart has, but TG mentioned that on a the longer-term charts that they may have just taken longer to consolidate before play catch up.

Next we shifted over to the US equity markets, where TG outlines why he thinks the markets broadly need a cooling off period after such a big move higher at the end of 2023 into overbought conditions.  He’ll be watching many individual stock charts, highlighting what we’ve seen in companies like Roku Inc (ROKU) or Datadog, Inc. (DDOG) to assess how they pullback to the 21-day exponential moving average and the 50-day simple moving average to see how pricing interacts with support, for the next move higher.

We wrap up by getting TG’s technical take on the cryptocurrencies, highlighting the volatility in bitcoin, but the general trend higher the last few months anticipating the around the bitcoin ETFs being approved.  However, when one looks as the price action and charts for the crypto miners like Marathon Digital Holdings (MARA), Riot Platforms (RIOT), Hut 8 (HUT), or Hive Digital Technologies (HIVE), it was a textbook example of buy the rumor/sell the news type of trading action. 

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Click here to keep up to date with TG at the Profit Pilot website.