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ShadowTrader Free Trade Idea of the Week – CCJ – Long…

Each week Peter and his minions scour the markets to find the best equity and forex setups for the followers of the Swing Trader and FX Trader. Premium subscribers get 2-5 of these daily. Every weekend we present one trade idea from either the equity or the forex side here.Note: Free weekly trade ideas are strictly DIY (do it yourself!) and are not actively managed or updated once presented and may or may not be stocks that are currently in play in our newsletters. For a more “full service” feel, with real-time email alerts and updates, please check out the ShadowTraderPro Swing Trader and ShadowTraderPro FX Trader.

Cameco CP (CCJ) – Long
Entry – 9.35
Stop – 9.00
1st Target – 10.00       2nd Target – 10.40

ccj

Material stocks should continue to benefit in the current market environment.  By trading sideways for the past six days, CCJ has created what could be an entry opportunity as soon as this week.

A break out of the short term pennant outlined on the chart above is likely to be the launch point for another leg higher up to the 10.00 area.  We would expect a pullback reaction at that point before CCJ continued higher up to the second target at 10.40.

For an average of 2-5 trade ideas like this every day along with daily market analysis and trading guidance, follow the ShadowTraderPro Swing Trader. This service is now available for FREE. All you have to do is click on “Tools” tab on your TOS platform or go to www.MyTrade.com and “follow” ShadowTraderPro Swing Trader.


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