Dj Cameco Corp. Stock Falls Friday, Underperforms Market

It’s the one piece of news that has got cryptocurrency investors buzzing. U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler — a villain for the blockchain community who aggressively hounded enterprises specializing in decentralized financial services — will step down from his post on Jan. 20.

As Barchart content partner AP noted, “Gensler pushed changes that he said protected investors, but the industry and many Republicans bristled at what they saw as overreach.” With the election of Donald J. Trump to a second non-consecutive term, the writing was on the wall. During the campaign trail, Trump threatened to remove the regulator.

Not surprisingly, cryptocurrencies soared on the news. As of this writing — Thursday evening — the total market capitalization of all decentralized digital assets reached $3.25 trillion. To put that into context, that’s more than the gross domestic product of the U.K.

Of course, for speculators purely interested in the crypto ecosystem, acquiring individual coins and tokens may be the only choice. However, for those who want to broaden their speculation to include super high-risk penny stocks, Blockmate Ventures should be on your radar.

MATEF Stock an Intriguing Idea from Barchart’s ‘Top Penny Pops’

To be quite blunt, I probably wouldn’t have come across Blockmate Ventures had it not registered in Barchart Screeners, specifically the category entitled Top Penny Pops. As an over-the-counter (OTC) security, MATEF stock isn’t optionable. So, it’s one of those buy-it-and-see-what-happens types of ideas. With a market cap of just over 8.37 million CAD, you shouldn’t get too comfortable.

Based on its corporate profile, the company shows no sales whatsoever. At the moment, MATEF stock appears to be running on the eventual belief that at some point, the underlying enterprise will be viable. Information on the business is very sparse. That’s just another way of saying, let the buyer beware — or better yet, don’t say I didn’t warn you.

However, what makes Blockmate intriguing is the underlying concept. According to its website, Blockmate is a Web3 incubator and venture creator “focussing [sic] on businesses that utilise blockchain technology and decentralization to provide greater utility, accessibility and sustainability around everyday services.” In English, this means that the entity helps start and grow businesses that use blockchain technology and decentralized systems.

MATEF stock triggered Barchart’s algorithm because of its dramatic 33.1% move to 7.7 cents. In the trailing one-year period, shares have gained 286%. On surface level, it might appear — and understandably so — that it’s too late to jump on board. Still, that might not be the case.

The S&P/ASX 200 closed 70.8 points higher, up 0.85%.

Australian stocks put the cherry on top of the icing of a record breaking week today with all but one major ASX sector closing in the black.

That one, Information Technology, was down sharply on the back of a plunge in one of its major constituents, Wisetech Global (WTC). Wisetech was down nearly 20% shortly after the open of trade as investors dumped the stock in the wake of a FY25 profit downgrade.

Wisetech steadied to close only down 12.4% on the session, and it wasn't the only stock to disappoint the market today (try Megaport's (MP1) 9.5% plunge despite reaffirming its FY25 guidance).

In other moves, Lithium stocks were hobbled on yet another dip in lithium minerals prices in China. Pilbara Minerals bore the brunt of the selling, dipping nearly 7%.

Well, that's all the bad news out of the way. Now for the good news, and there's plenty of it... Pretty much everything else went up, including a very nice pop A2 Milk Co. (A2M) as well as strong gains in several major ASX uranium stocks!

Click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all of the key upcoming economic data in tonight's Evening Wrap.

Also, I have detailed technical analysis on Gold and Cameco (the world's second biggest uranium producer) in today's ChartWatch.

Let's dive in!

Today in Review

Fri 22 Nov 24, 5:31pm (AEDT)

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 70.8 points higher at 8,393.8, 0.85% from its session high and just 0.27% from its low. In the broader-based S&P/ASX 300 (XKO), advancers beat decliners by a resounding 204 to 70.

For the week, the XJO finished up 108.6 points or 1.31% higher, 1.81% from its intraweek low and 0.61% from its intraweek high.

Energy (XEJ) (+2.3%) took out the honour of best performing sector in today’s record setting trading session. Crude oil and natural gas prices rose on Thursday, the latter sharply, on simmering geopolitical tensions (i.e., Russia vs The West!).

These tensions will also likely have an impact on the global uranium market, and this saw strong gains in key global uranium stocks overnight. Those gains spilled over into local uranium plays, but none of them finished with the flourish that Canada’s Cameco did last evening. I have detailed technical analysis on Cameco on today’s ChartWatch section below.

Utilities (XUJ) (+1.4%) was the next best performing sector – but I note it’s basically a sub-sector of the Energy sector…

Also doing well, were defensives like Health Care (XHJ) (+1.3%) and Gold (XGD) (+1.3%) sub-index, the latter benefiting from another solid gain in the gold price overnight and into Asian trade today. Again, full technical analysis for you in tonight’s ChartWatch.

Today’s best performing ASX stocks

There weren’t many losers today unless on a stock-specific basis you did something silly, like downgrade your FY25 earnings (Wisetech Global (-12.4%)) or reaffirm-but-not-upgrade them (Megaport (-9.5%)). The combination of these follies left the Information Technology (XIJ) (-4.5%) with the dubious honour of being the only major ASX sector to decline on this record setting day.

The only other sector or sub-sector that deserves a mention in the losers column is one which finds itself in this section of my Evening Wrap all to often – lithium. Nothing stock specific I could see here, but I do note that benchmark GFEX lithium carbonate futures are dipping again in China today. Pilbara Minerals was a notable sector laggard, losing nearly 7% of its value.

Lithium Carbonate Futures (Benchmark moneth, back-adjusted) GFEX

Today’s worst performing ASX stocks

ChartWatch

Gold Futures (Front month, back-adjusted) COMEX

A credible bounce

The last time we covered gold was in ChartWatch in the Evening Wrap on 15 November 2024.

In that update, I noted that the long term uptrend ribbon appeared to be “doing its job so far, that is, helping prices to claw back from those lows for now”.

I proposed that only a strong demand-side candle would confirm the hold of the long term uptrend ribbon, and therefore restart the long term uptrend. That candle occurred in the form of 18 Nov’s long white candle with a high close.

From there, it has been a steady flow of modest demand-side candles – most importantly – taking out the potential impediment of the dynamic supply we’d ordinarily expect at the short term downtrend ribbon (✅).

You may remember my opinion on bounces. V-shaped bounces are those most likely to stick. This bounce is looking suitably V-shaped to me = ✅.

A bounce that sticks really should also close strongly at greater than the balance point of the decline (for me, this is the half-way point of the peak-to-trough move).

(2708.7 + 2541.5) / 2 = 2625.1. Yesterday’s close was 2674.9 – so ✅ on that item.

In conclusion, I submit that this is indeed a decent and credible bounce for gold. I can’t see anything in the technicals at this stage indicating it cannot continue.

I would, however, watch the candles very closely from here. For long-suffering readers of ChartWatch, you know exactly the fingerprints of excess supply to watch for: black-bodied candles and or upward pointing shadows – the longer – the greater the indication.

Watch particularly, the top of the major supply-side candle set on 6 Nov at 2758.8. It’s where the supply-side really took control last time – it’s possible there remains a degree of latent supply up there.

Really, given how many traders I expect got caught out by the US election result – arguably a surprise worst case scenario for gold – it would not surprise me to find a substantial amount of latent supply near the 2708.7 high.

I put to you there’s a wad of traders regretting getting stuck in the market at those highs, and who’ve been praying for gold to return there so they may undo their mistakes at break-even.

Demand is 2541.5-2572.5. A close below there is “kill the long term uptrend” kinda stuff…

Cameco Corporation

The best looking chart in global uranium stocks just got better

Yesterday, I published and article covering recent developments, future aspirations, and detailed technical analysis of the Top 10 ASX and three of the world’s most influential uranium stocks. Add in a few local and international ETF’s. You can read the article here, or skip straight to the video containing the technical analysis here.

Hands down, the strongest uptrend was owned by Canada’s Cameco, the world’s second biggest uranium producer.

I note last night’s strong demand-side candle continued solid and well-established prevailing short and long term uptrends. These trends are complimented by rising peaks and rising troughs, as well as a clear predominance of demand-side candles. These are three great indicators of demand-side control.

So, while we’re on the subject of checking things…✅✅✅

How high can Cameco’s share price go. 🤔

You really are asking the wrong guy…because I wouldn’t have a clue.

I am a trend follower not a trend prognosticator.

I can see the trend. I can measure its strength using my methodology (which I have taught to you). But, alas, I cannot see the future.

So: 1. I don’t try to predict it. And 2. I don’t worry about it.

In my experience, if I follow the trend I have the highest probability of success. I know I won’t succeed every time. I know there will inevitably be even prolonged periods where my approach is at odds with the market.

I cop this.

Because I know that if I stick with my methodology, if I manage my risk meticulously (cut my losses quickly without fear of missing out or other emotional hang ups) – and ride my winners to their full conclusion – then over the long run I will come out in front.

Get the probability part of the equation right and the profitability part will take care of itself. The greatest probability lies with following the trend and believing and trying my hardest to ensure that no single investing outcome matters.

Cameco will go up as long as it goes up – of that we can both be sure. But I am also sure that when those fingerprints of excess supply do finally grip these prevailing uptrends, I’ll be ready to take action!

Economy

Today

• AUS Flash Manufacturing Purchasing Managers Index (PMI) October

  • 49.4 vs 47.3 in September (revised up from 46.6)

  • Readings below 50 indicate contraction in the sector, so the Australian manufacturing sector contracted slightly in October, but at a smaller rate than in September (which itself was not as bad as originally thought)

• AUS Flash Services PMI October: 49.6 vs 51.0 in September (revised higher from 50.6)

  • Contrasting, the Australian services sector fell into contraction in October - reversing growth in September

Later this week

Friday

• 19:15 EUR Various countries Flash Manufacturing & Services PMIs October (Germany: Manufacturing forecast 43.1 vs 43.0 in September & Services 51.8 forecast vs 51.6 in September; Eurozone: Manufacturing forecast no change at 46.0 & Services forecast no change at 51.6)

Saturday

• 01:45 US Flash Manufacturing Purchasing Managers Index (PMI) October (was 47.3 in September) & Flash Services PMI October (was 51.0 in September)

Latest News

Markets bhp min

Australian shares are at record highs, here’s your 2025 playbook

Fri 22 Nov 24, 1:48pm (AEDT)

Midday Market Movers a2m eos

Stocks making the biggest moves at noon: A2 Milk, GQG Partners, Uranium Miners and more

Fri 22 Nov 24, 12:42pm (AEDT)

Quick Takes wtc

Wisetech shares tumble on FY25 earnings downgrade – But dip buyers step in to cushion selloff

Fri 22 Nov 24, 10:48am (AEDT)

Technical Analysis alq bc8

ChartWatch ASX Scans: ALS, Crypto Innovators ETF, Iperionx, Petratherm, A2 Milk, Iluka, Mineral Resources, Nick Scali, Bitcoin ETF

Fri 22 Nov 24, 9:00am (AEDT)

Market Wraps

Morning Wrap: ASX 200 to rise, S&P 500 hits one-week high + A2 Milk, Lovisa trading updates

Fri 22 Nov 24, 8:45am (AEDT)

Market Wraps amc ax1

Evening Wrap: ASX 200 dips on falling consumer stocks, but gold, insurance, banks and tech stocks show solid gains

Thu 21 Nov 24, 6:02pm (AEDT)

More News

Interesting Movers

Trading higher

• +13.3% The A2 Milk Company (A2M) - FY25 revenue guidance and dividend policy and Annual Meeting Presentation

• +9.4% Firefly Metals (FFM) - No news, rise is consistent with prevailing long term uptrend, closed back above short term trend ribbon (neutral but turning up) 🔎📈

• +8.6% Kingsgate Consolidated (KCN) - No news, generally strong ASX gold sector on continued firming of gold price (see ChartWatch section above for technical analysis)

• +7.2% Mayne Pharma Group (MYX) - No news, consistent with recent volatility following 8 Nov Mayne Pharma responds to media speculation

• +7.0% Immutep (IMM) - Immutep AGM 2024 - CEO's Presentation

• +6.6% Electro Optic Systems (EOS) - EM Solutions divestment - investor presentation and EOS announces divestment of EM Solutions for $144m

• +6.5% Lotus Resources (LOT) - No news, global uranium stocks rallied overnight, led by Cameco (see ChartWatch section above for technical analysis), vs uranium price was down for fourth session in a row 🤔

• +6.3% Deep Yellow (DYL) - No news, ditto stronger ASX uranium sector today

• +5.9% Paladin Energy (PDN) - No news, ditto stronger ASX uranium sector today

• +5.9% Superloop (SLC) - No news since yesterday's Resolution of Federal Court proceedings, rise is consistent with prevailing short and long term uptrends, a regular Feature in ChartWatch ASX Daily Scans Uptrends list 🔎📈

• +5.8% Sovereign Metals (SVM) - Results of Meeting and possibly also yesterday's Initial Results for Use of Kasiya Graphite In Refractories, rise is consistent with prevailing short and long term uptrends, a regular Feature in ChartWatch ASX Daily Scans Uptrends list 🔎📈

• +5.4% Vulcan Energy Resources (VUL) - Continued positive response to yesterday's Corporate Presentation Q4 2024 and Vulcan and BASF announce partnership agreement, rise is consistent with prevailing short and long term uptrends, a regular Feature in ChartWatch ASX Daily Scans Uptrends list 🔎📈

• +5.4% Yancoal Australia (YAL) - Media reports company may be out of the race to purchase Anglo American’s Queensland coal assets, and therefore likely to reinstate its dividend

• +5.4% Sigma Healthcare (SIG) - No news since 7 Nov Sigma welcomes the ACCC's decision, rise is consistent with prevailing short and long term uptrends, a regular Feature in ChartWatch ASX Daily Scans Uptrends list 🔎📈

• +5.3% Pinnacle Investment Management Group (PNI) - Continued positive response to yesterday's Pinnacle successfully completes $400m placement, rise is consistent with prevailing short and long term uptrends, a regular Feature in ChartWatch ASX Daily Scans Uptrends list 🔎📈

• +4.8% Iperionx (IPX) - Results of Meeting and possibly also 19 Nov IperionX 2024 Sustainability Report, rise is consistent with prevailing short and long term uptrends, a regular Feature in ChartWatch ASX Daily Scans Uptrends list 🔎📈

Trading lower

• -12.4% Wisetech Global (WTC) - Update to FY25 Guidance and Update on Board Review

• -9.5% Megaport (MP1) - AGM Addresses from the Chair and CEO

• -6.8% Pilbara Minerals (PLS) - No news, generally weaker ASX lithium sector today on a resumption of falls in lithium minerals prices in China today, fall is consistent with prevailing short and long term downtrends, a regular Feature in ChartWatch ASX Daily Scans Downtrends list 🔎📈

• -6.0% Cettire (CTT) - No news, fall is consistent with prevailing short and long term downtrends, a regular Feature in ChartWatch ASX Daily Scans Downtrends list 🔎📈

• -5.5% Audinate Group (AD8) - No news, fall is consistent with prevailing short and long term downtrends, a regular Feature in ChartWatch ASX Daily Scans Downtrends list 🔎📈

• -5.4% Latin Resources (LRS) - Tied to PLS via the all-scrip takeover in place

• -3.8% Wildcat Resources (WC8) - No news, ditto weaker ASX lithium sector today, fall is consistent with prevailing short and long term downtrends, a regular Feature in ChartWatch ASX Daily Scans Downtrends list 🔎📈

Broker Notes

• The A2 Milk Company (A2M)

  • Retained at buy at Citi; Price Target: $7.04

  • Upgraded to outperform from hold at CLSA; Price Target: $5.60

• Abacus Group (ABG)

  • Retained at buy at Citi; Price Target: $1.35

• Adairs (ADH)

  • Retained at buy at Bell Potter; Price Target: $2.85 from $2.50

• AGL Energy (AGL)

  • Retained at neutral at Macquarie; Price Target: $11.40 from $11.28

• Amcor (AMC)

  • Retained at hold at Citi; Price Target: $17.00

  • Retained at neutral at UBS; Price Target: $16.65

• Accent Group (AX1)

  • Retained at buy at Bell Potter; Price Target: $2.80 from $2.50

  • Retained at buy at Citi; Price Target: $2.47 from $2.57

  • Retained at buy at Jarden; Price Target: $2.35 from $2.29

  • Retained at overweight at JP Morgan; Price Target: $2.50

  • Retained at overweight at Morgan Stanley; Price Target: $2.75

  • Retained at add at Morgans; Price Target: $2.40

  • Retained at buy at UBS; Price Target: $2.50 from $2.53

• BHP Group (BHP)

  • Retained at overweight at Morgan Stanley; Price Target: $46.85

• City Chic Collective (CCX)

  • Retained at hold at Bell Potter; Price Target: $0.14 from $0.16

• CSL (CSL)

  • Retained at buy at Citi; Price Target: $345.00

• Cettire (CTT)

  • Retained at hold at Bell Potter; Price Target: $1.45 from $2.00

• Elders (ELD)

  • Retained at buy at Citi; Price Target: $9.75

• Electro Optic Systems (EOS)

  • Retained at buy at Ord Minnett; Price Target: $2.00 from $2.80

• Hansen Technologies (HSN)

  • Retained at buy at Goldman Sachs; Price Target: $5.10

  • Retained at buy at Shaw and Partners; Price Target: $7.20

• Harvey Norman (HVN)

  • Retained at buy at Bell Potter; Price Target: $5.80

• Ikegps Group (IKE)

  • Retained at buy at Bell Potter; Price Target: $0.94

• JB HI-FI (JBH)

  • Retained at buy at Bell Potter; Price Target: $98.00 from $87.00

• Kogan.Com (KGN)

  • Retained at hold at Bell Potter; Price Target: $5.20

  • Retained at sell at Citi; Price Target: $4.20

• Lovisa (LOV)

  • Retained at hold at Bell Potter; Price Target: $31.00 from $33.00

  • Retained at sell at Citi; Price Target: $25.95

• Mineral Resources (MIN)

  • Upgraded to neutral from sell at Citi; Price Target: $35.00

• Megaport (MP1)

  • Retained at neutral at UBS; Price Target: $10.15

• Medibank Private (MPL)

  • Retained at neutral at Macquarie; Price Target: $3.85

• Maxiparts (MXI)

  • Retained at buy at Ord Minnett; Price Target: $2.60

• NIB (NHF)

  • Retained at underperform at Macquarie; Price Target: $5.45

• Propel Funeral Partners (PFP)

  • Retained at buy at Bell Potter; Price Target: $6.80

• Paragon Care (PGC)

  • Downgraded to hold from buy at Bell Potter; Price Target: $0.52

  • Retained to buy from accumulate at Ord Minnett; Price Target: $0.54 from $0.46

• Premier Investments (PMV)

  • Retained at buy at Bell Potter; Price Target: $38.00

• Pinnacle Investment Management Group (PNI)

  • Retained at buy at Ord Minnett; Price Target: $26.00 from $23.00

• PWR Holdings (PWH)

  • Retained at add at Morgans; Price Target: $9.20 from $11.00

• Qantas Airways (QAN)

  • Retained at overweight at Morgan Stanley; Price Target: $10.50

• Qube (QUB)

  • Retained at buy at Citi; Price Target: $4.45 from $4.40

• Retail Food Group (RFG)

  • Retained at buy at Bell Potter; Price Target: $0.11

• SKS Technologies Group (SKS)

  • Retained at add at Morgans; Price Target: $2.15 from $1.80

• Solvar (SVR)

  • Retained at buy at Bell Potter; Price Target: $1.48 from $1.30

  • Retained at add at Morgans; Price Target: $1.45 from $1.38

• Tasmea (TEA)

  • Retained at add at Morgans; Price Target: $3.60 from $2.25

• Temple & Webster Group (TPW)

  • Retained at hold at Bell Potter; Price Target: $12.20

• Universal Store (UNI)

  • Retained at buy at Bell Potter; Price Target: $8.85

• WEB Travel Group (WEB)

  • Retained at buy at Goldman Sachs; Price Target: $6.70

• Worley (WOR)

  • Retained at buy at Goldman Sachs; Price Target: $18.00

• Wisetech Global (WTC)

  • Retained at buy at Citi; Price Target: $124.50

  • Retained at neutral at Macquarie; Price Target: $100.00

• Xero (XRO)

  • Retained at buy at Citi; Price Target: $198.00

Scans

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