NextGen Energy (NXE) finished correcting cycle from 2020 low

Elliott Wave Forecast Team ElliottWave-Forecast.com

In our previous article from last year, we wrote that NextGen Energy was in the process of correcting rally from 2020 low. The correction looks completed and the stock is now ready for the next leg higher in coming months. NexGen Energy (NXE) is a Canada-based company with a focus on acquisition, exploration, and development of Canadian uranium projects. The company owns a portfolio of prospective uranium exploration assets in Athabasca Basin, which are some of the largest in the world.

$NXE Weekly Elliott Wave Chart

NXE weekly chart above shows that the rally to $3.4 on 2.17.2017 ended wave (I). Pullback in wave (II) ended at $0.52 on 3.16.2020 low. Since then, the stock has rallied higher within wave (III). Up from wave (II), wave I ended at $6.50 and wave II corrected cycle from 2020 low and ended at $3.39. The stock has turned higher again in wave III of (III).

$NXE Daily Elliott Wave Chart

Daily Elliott Wave Chart of NextGen Energy (NXE) above shows that wave II pullback ended at $3.39. Up from here, the rally looks to be in 5 waves diagonal ended wave (1) at $4.85. Wave (2) is in progress to correct cycle from 7.14.2022 low and as far as dips stay above $3.39, expect pullback to find support in 3, 7, or 11 swing for further upside.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.