This week’s watchlist came back with dirt under its fingernails.
Five of the 10 names are metals and mining stocks. Three of them are precious metals — Buenaventura, Equinox Gold, and Kinross. Add Freeport in copper and Almonty in tungsten, and half the list is a straight bet on hard assets. Fold in Uranium Energy, and it’s six of 10 pulling their story out of the ground.
The other four are the exceptions to the theme: three financials — Coinbase, SoFi, and BGC — and a single biotech, TG Therapeutics.
This isn’t a subtle tilt. When gold, copper, tungsten, and uranium all turn up on the same screen in the same week, the tape is telling you where the money is rotating. We’re watching to see whether it follows through.
One note on character: nine of the 10 have already cleared their patterns. The buy levels in the table sit just above — secondary triggers, not first tests. So the discipline is simple. Wait for the daily close.
Here are the 10 stocks we’re watching this week, in no particular order.
| Sl # | Name of the Stock | Stock Ticker | Last Close | Buy Level(s) | Reason |
|---|---|---|---|---|---|
| 1 | Compañía de Minas Buenaventura S.A.A. | NYSE: BVN | $35.47 | $36.00 | Symmetrical Triangle Pattern Breakout |
| 2 | Coinbase Global, Inc. | Nasdaq: COIN | $186.49 | $190.00 | Falling Wedge Pattern Breakout |
| 3 | TG Therapeutics, Inc. | Nasdaq: TGTX | $54.27 | $56.50 | Flag Pattern Breakout |
| 4 | Uranium Energy Corp. | NYSE American: UEC | $12.76 | $13.20 | Falling Wedge Pattern Breakout |
| 5 | Freeport-McMoRan Inc. | NYSE: FCX | $76.66 | $77.60 | Ascending Triangle Pattern Breakout |
| 6 | Almonty Industries Inc. | Nasdaq: ALM | $18.51 | $18.90 | Downtrend Channel Breakout |
| 7 | SoFi Technologies, Inc. | Nasdaq: SOFI | $18.91 | $19.70 | Consolidation Area |
| 8 | Equinox Gold Corp. | NYSE American: EQX | $13.53 | $13.80 | Downtrend Channel Breakout |
| 9 | BGC Group, Inc. | Nasdaq: BGC | $11.85 | $12.10 | Symmetrical Triangle Pattern Breakout |
| 10 | Kinross Gold Corporation | NYSE: KGC | $32.76 | $33.10 | Downtrend Channel Breakout |
If needed, swipe or scroll sideways to view the full table.
Important: Typically, these trades offer a risk: reward ratio of 1:2 or 1:3 in the next 6 months, which implies 2x to 3x rewards when compared to risks. So, be sure to set your stop-loss levels and target prices accordingly to manage your risk. In addition, these trade ideas are triggered using daily closing prices, not intra-day pricing. So, if you participate in these trades, make sure that you only buy the stock once its daily close is above the recommended price level.
That said, here are the top 10 stocks to watch for a breakout, in no particular order.
#1 Compañía de Minas Buenaventura S.A.A. (NYSE: BVN)
Sector: Materials • Other Precious Metals & Mining
Reason: Symmetrical Triangle Pattern Breakout
A symmetrical triangle is a chart pattern formed by two converging trend lines connecting a series of sequential peaks and troughs. These two lines result in the formation of a triangle that appears to be symmetrical.
A symmetrical triangle pattern is usually formed when there is indecision in the price movements and there is uncertainty among the buyers and sellers. This chart pattern represents a period of consolidation before the price breaks out or breaks down. In case a breakout occurs from the upper trend line, it is a strong bullish indication as it signifies the start of a new bullish trend.
Buy Level(s): The stock has currently broken out of a symmetrical triangle pattern. However, the ideal buy level for BVN is if the stock closes above the immediate resistance level of $36.00. This is marked in the chart below as a green color dotted line.
Daily chart – BVN
BVN – Symmetrical Triangle Pattern Breakout
#2 Coinbase Global, Inc. (Nasdaq: COIN)
Sector: Financials • Financial Data & Stock Exchanges
Reason: Falling Wedge Pattern Breakout
A falling wedge pattern is formed by joining two downward-sloping, converging trendlines having a contracting range. The pattern appears to be wide at the top and continues to contract as prices fall. A breakout from a falling wedge pattern can indicate either reversal or continuation depending on where the pattern appeared in the trend.
A stock that has broken out of a falling wedge pattern would have gained momentum and would have the potential to move higher.
Buy Level(s): The stock has currently broken out of a falling wedge pattern. However, the ideal buy level for COIN is above the nearest resistance level of $190.00. This is marked in the chart below as a green color dotted line.
Daily chart – COIN
COIN – Falling Wedge Pattern Breakout
#3 TG Therapeutics, Inc. (Nasdaq: TGTX)
Sector: Healthcare • Biotechnology
Reason: Breakout From a Flag Pattern
A flag pattern is a short-term continuation pattern that marks a small consolidation before the previous move resumes. The pattern is formed when the market consolidates in a narrow range after a sharp move. For a stock in an uptrend, a breakout from this pattern is typically a strong bullish indication.
Buy Level(s): Although the stock has currently broken out of the flag pattern, the ideal buy level for TGTX is above the near-term resistance level of $56.50. This is marked in the chart below as a green color dotted line.
Daily chart – TGTX
TGTX – Flag Pattern Breakout
#4 Uranium Energy Corp. (NYSE American: UEC)
Sector: Energy • Uranium
Reason: Falling Wedge Pattern Breakout
A falling wedge pattern is formed by joining two downward-sloping, converging trendlines having a contracting range. The pattern appears to be wide at the top and continues to contract as prices fall. A breakout from a falling wedge pattern can indicate either reversal or continuation depending on where the pattern appeared in the trend.
A stock that has broken out of a falling wedge pattern would have gained momentum and would have the potential to move higher.
Buy Level(s): The stock has currently broken out of a falling wedge pattern. However, the ideal buy level for UEC is above the nearest resistance level of $13.20. This is marked in the chart below as a green color dotted line.
Daily chart – UEC
UEC – Falling Wedge Pattern Breakout
#5 Freeport-McMoRan Inc. (NYSE: FCX)
Sector: Materials • Copper
Reason: Breakout From an Ascending Triangle Pattern
An ascending triangle pattern is a bullish pattern formed by drawing a horizontal line along the swing highs, and a rising trendline along the swing lows. These two lines result in the formation of a triangle. A breakout from this pattern is typically a strong bullish indication.
Buy Level(s): Although the stock has broken out of the ascending triangle pattern, the ideal buy level for FCX is if the stock has a daily close above the near-term resistance level of $77.60. This is marked in the chart below as a green color dotted line.
Daily chart – FCX
FCX – Ascending Triangle Pattern Breakout
#6 Almonty Industries Inc. (Nasdaq: ALM)
Sector: Materials • Other Industrial Metals & Mining
Reason: Downtrend Channel Breakout
A downtrend or descending channel is the price action contained between downward sloping parallel lines. It is formed by two lines that are drawn by connecting the lower highs and lower lows of a stock’s price. Even though this is typically a bearish pattern, a breakout from the upper rail of this pattern is considered a good bullish indication.
Buy Level(s): The daily chart shows that the stock has currently broken out of a downtrend channel. However, there is a near-term resistance level for the stock. Hence, the ideal buy level for ALM is if the stock has a daily close above $18.90. This is marked in the chart below as a green color dotted line.
Daily chart – ALM
ALM – Downtrend Channel Breakout
#7 SoFi Technologies, Inc. (Nasdaq: SOFI)
Sector: Financials • Credit Services
Reason: Formation of a Consolidation Area in the Daily Chart
A Consolidation Area is a price action contained between two parallel lines. It is formed by a lower line that connects the lows, and an upper line that joins the highs. A stock usually trades between the two lines of the consolidation area before finally breaking out from the upper rail.
Buy Level(s): The ideal buy level for SOFI is above the breakout level of the consolidation area, at around $19.70. This is marked in the chart below as a green color dotted line.
Daily chart – SOFI
SOFI – Consolidation Area
#8 Equinox Gold Corp. (NYSE American: EQX)
Sector: Materials • Gold
Reason: Downtrend Channel Breakout
A downtrend or descending channel is the price action contained between downward sloping parallel lines. It is formed by two lines that are drawn by connecting the lower highs and lower lows of a stock’s price. Even though this is typically a bearish pattern, a breakout from the upper rail of this pattern is considered a good bullish indication.
Buy Level(s): The daily chart shows that the stock has currently broken out of a downtrend channel. However, there is a near-term resistance level for the stock. Hence, the ideal buy level for EQX is if the stock has a daily close above $13.80. This is marked in the chart below as a green color dotted line.
Daily chart – EQX
EQX – Downtrend Channel Breakout
#9 BGC Group, Inc. (Nasdaq: BGC)
Sector: Financials • Capital Markets
Reason: Symmetrical Triangle Pattern Breakout
A symmetrical triangle is a chart pattern formed by two converging trend lines connecting a series of sequential peaks and troughs. These two lines result in the formation of a triangle that appears to be symmetrical.
A symmetrical triangle pattern is usually formed when there is indecision in the price movements and there is uncertainty among the buyers and sellers. This chart pattern represents a period of consolidation before the price breaks out or breaks down. In case a breakout occurs from the upper trend line, it is a strong bullish indication as it signifies the start of a new bullish trend.
Buy Level(s): The stock has currently broken out of a symmetrical triangle pattern. However, the ideal buy level for BGC is if the stock closes above the immediate resistance level of $12.10. This is marked in the chart below as a green color dotted line.
Daily chart – BGC
BGC – Symmetrical Triangle Pattern Breakout
#10 Kinross Gold Corporation (NYSE: KGC)
Sector: Materials • Gold
Reason: Downtrend Channel Breakout
A downtrend or descending channel is the price action contained between downward sloping parallel lines. It is formed by two lines that are drawn by connecting the lower highs and lower lows of a stock’s price. Even though this is typically a bearish pattern, a breakout from the upper rail of this pattern is considered a good bullish indication.
Buy Level(s): The daily chart shows that the stock has currently broken out of a downtrend channel. However, there is a near-term resistance level for the stock. Hence, the ideal buy level for KGC is if the stock has a daily close above $33.10. This is marked in the chart below as a green color dotted line.
Daily chart – KGC
KGC – Downtrend Channel Breakout
Ten names, one dominant theme. Six are commodity and resource plays — gold (Buenaventura, Equinox, Kinross), copper (Freeport), tungsten (Almonty), and uranium (Uranium Energy). The other four — Coinbase, SoFi, BGC, and TG Therapeutics — are along for the ride, not driving it.
When the metals and miners cluster like this, it’s usually a rotation worth respecting rather than fading. But respecting it doesn’t mean chasing it. Almost every name here has already broken out, which makes the buy levels in the table confirmation triggers, not entries to front-run. A clean daily close above the listed level is the signal. Not the intraday tap. Not the open. The close.
We’ll watch the table this week and let the names sort themselves out.
Happy Trading!
Tara and Greg
