The Bullish and Bearish Stocks to Watch This Week

August 27, 2024 | [Read Online]( The Bullish and Bearish Stocks to Watch This Week There’s not much rhyme or reason to the hodgepodge of stocks we’re looking at, though more are sending bullish signals than bearish. One is is Rio Tinto (RIO), the legendary mining company. RIO shares have been in a significant selloff, resulting in a re-test of six-month lows and the emergence on a choppy inverse head-and-shoulders pattern. (Pro tip: This bullish pattern setup is tricky to see if you use candlesticks, but it becomes a little more clear with line charts.) The initial target for Rio Tinto stock is a $2.50 move higher, which is only about 4%, but if we can clear $65, then $67.50 is the next target - that’d be a 7% move higher altogether. Interestingly, copper prices have created a similar reversal off lows. Suncor Energy (SU) broke through its 52-week high yesterday. I have two targets here. The first is a $2 move based on the breakout - that’s a 5% move higher, but we could duplicate the pattern that saw a rise from $25 to $42 and see a $7 move up to $49 over the next two months. With oil prices bouncing higher, SU shares have the technical and fundamental strength to continue higher. The Mosaic Co. (MOS) is a materials firm that broke and closed above short-term resistance just this past Friday. Yesterday, price followed through and filled in the gap from last month. Having filled that gap, a re-test of $31 is on the horizon; that’d be a 7% move higher from the current price. Here’s something interesting about all three of these stocks: their dividend payouts. RIO yields 5.54%, SU pays 3.83%, and MOS offers 2.9% - not bad if you’re long these stocks and not just actively trading them. Talk to you soon. Blake Young [fb]( [tw]( [ig]( Disclaimer: Neither TheoTrade or any of its officers, directors, employees, other personnel, representatives, agents or independent contractors is, in such capacities, a licensed financial adviser, registered investment adviser, registered broker-dealer or FINRA|SIPC|NFA-member firm. TheoTrade does not provide investment or financial advice or make investment recommendations. TheoTrade is not in the business of transacting trades, nor does TheoTrade agree to direct your brokerage accounts or give trading advice tailored to your particular situation. Nothing contained in our content constitutes a solicitation, recommendation, promotion, or endorsement of any particular security, other investment product, transaction or [investment.T]([rading]( Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Past Performance is not necessarily indicative of future results. TheoTrade 16427 N Scottsdale Rd Suite # 410 Scottsdale, Arizona 85254 United States 1 (800) 256-8876 Update your email preferences or unsubscribe [here]( © 2024 Blake's Retirement Rocket PO Box 24790 Christiansted, Virgin Islands 00824, Virgin Islands, U.S. [Terms of Service](