Cameco May Be Attempting a Breakout
Uranium miner Cameco rallied on June 1 as U.S. Senators advanced a nuclear-energy bill. Now, after a pause, some traders may see the potential for continuation higher.
The first pattern on today’s chart is the sharp rally above February’s peak of $29.73. CCJ probed $0.01 below that level on Wednesday before rebounding. Has old resistance become new support?
Next, prices have remained above the 8-day exponential moving average (EMA) and MACD is rising. Those signals may indicate short-term direction is pointing higher.
Third, the stock climbed after results beat estimates on February 9 and April 28.
Finally, the most recent advance comes after CCJ held its 200-day SMA. That may suggest it’s ready to resume its longer-term uptrend following almost two years of consolidation.
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The first pattern on today’s chart is the sharp rally above February’s peak of $29.73. CCJ probed $0.01 below that level on Wednesday before rebounding. Has old resistance become new support?
Next, prices have remained above the 8-day exponential moving average (EMA) and MACD is rising. Those signals may indicate short-term direction is pointing higher.
Third, the stock climbed after results beat estimates on February 9 and April 28.
Finally, the most recent advance comes after CCJ held its 200-day SMA. That may suggest it’s ready to resume its longer-term uptrend following almost two years of consolidation.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing in cryptocurrencies involves significant risks. Please click here for TradeStation Crypto’s risk disclosures on investing and trading in cryptocurrencies.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.