Cameco broke out from large triangle pattern in June. This breakout followed a large consolidation for over a year, after the first major leg up from 2020 lows.
If the backtest of triangle holds, CCJ and Uranium sector could be setting up for next major leg of new bull market in Uranium.
The technical uptrend is backed by strong sector fundamentals given...
1) In an Uptrend - higher highs and higher lows - since early May (along with broader market) but more importantly has done so in the face of downward pressure on banks/financials
2) Retraced 38% of entire move up from May lows. Potentially has a bit further down to 50-61% retracement area before next wave up
3) Longer-term Parabola structure (on weekly chart)...
