Nexgen Energy setting up for a break out, Scotiabank coverage helps

Nexgen Energy

01/04/2024 16:23

** Nexgen Energy U.S.-listed shares  NXE.N  hit a 2-month high of $8.31
    ** Brokerage Scotiabank initiates coverage with "sector outperform"
    ** Scotiabank believes premium valuation warranted on long-term uranium outlook
    ** Share price action has technicals flashing bullish signals, possible breakout
    ** Price forming an inverted head & shoulders pattern on daily charts
    ** Shares are trading above the bullishly aligned 10- and 30-DMAs
    ** Daily relative strength index (RSI) indicates upward momentum remains
    ** Break & close above Feb high may lead to significant gains
    ** Large rally followed once Nexgen shares broke above September's high
        
    
    ** NXE last up ~6% at $8.23

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 (Christopher Romano is a Reuters market analyst. The views expressed are his own)
 ((christopher.romano@thomsonreuters.com))