TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website, joins us to review his technical outlook on a number of sectors including broad US market indexes, the cryptocurrencies, crypto mining stocks, the commodities sector, lithium stocks, uranium stocks, copper stocks, and regional banking stocks.
We start with TG’s assessment of the general US equity markets and chart levels, based on moving averages, where he expects support to come in for the next bounce. Then we reviewed the latest bullish speculation on tap in many sector of the stock market, commodities, and even a resurgence in the meme stocks and cryptoverse. While TG has doubts about any longevity in the meme stocks like Gamestop (GME) or AMC Entertainment (AMC), he remains constructive on the crypto leadership in Bitcoin and Ethereum. We also discuss how the crypto mining stocks are a mixed bag with Cleanspark (CLSK), Iris Energy (IREN), Marathon Digital Holdings (MARA) and potentially Cypherpunk Holdings (HODL.CN) (CYFRF) setting up well, while concurrently Riot Platforms (RIOT), Hut 8 (HUT), and Hive (HIVE) are still struggling.
Shifting over to the commodities, and noting the big moves higher in gold and silver and copper, TG points to the lithium stocks and the related Global X Lithium Battery ETF (LIT) as a beat down area of the resource complex that may have bottomed and started to move higher. With regards to the uranium miners he highlights the picture perfect setup on the chart of the Global X Uranium ETF (URA), with respect to the 50-day moving average and the cup & handle pattern within a cup & handle pattern, being very constructive. We also review the strength we’ve seen in the copper stocks, and in particular how he is reading the very big move we’ve seen in the copper seniors via the ETF (COPX) and how the pullback we are seeing today may just be a much needed rest.
Wrapping up we talk about other beat down stocks and sectors that may be setting up for their next moves higher, referencing both Blink Charging (BLNK) and the SPDR S&P Regional Banking ETF (KRE).
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