CCJ trade ideas
Bounce off OversoldCameco has entered oversold territory and has found support at this level over the last few years.
Uranium market is bleak but a trading opportunity here if a bit of optimism appears prior to earnings.
Stop - $8.02 (potential -2.2%)
Long-term uranium mining betI've been watching Cameco and the uranium mining market in general for years. It's about time to start building my position.
In the past, I was interested in URA ETF , but I am not happy about what assets they put into the basket. Ideally, I would invest in the ETF tracking the uranium price. Since it's impossible, the next closest thing is uranium mining. I am not interested in all uranium-related businesses since they also depend on a variety of other factors. This is why Cameco alone offers, in my opinion, better exposure to the uranium price than URA ETF , not to mention the lack of managing fees.
The intention here is to build a long-term position and collect some dividends in the meantime. If the price keeps falling, I am happy to continue accumulation (possibly including smaller mining stocks as well).
The negative sentiment on the uranium market will end eventually, and I am happy to grow my position along the way. Uranium represents many ideas I have on the current market. My favorite is the growing demand for green energy. Nuclear power is one of the few sound alternatives to fossil fuels, and probably the most realistic one.
LONG CCJExpecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
LONG CCJExpecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
The World is Not Quite Ready for UraniumB wave of correction made it past the .61 which is why I believe we're in a flat correction with a weak B wave, only getting to the .78. Thus, I would expect to see five waves down in this last leg.
Targeting .61 minimum. There is confluence though at the .78 with wave C of the flat potentially reaching a 1.6 of wave A. Additionally fits well with the wave 2 of initial impulse. Currently just continuation of trend.
Uranium not quite ready for trend change. When it is though, I'd be expecting some serious moves.
Note, This is simply an observation and should not be considered as advice to buy or sell.
Good luck out there.
Time for Uranium to shine? Multi year compression leading into the Apex as the US-Iran tensions heighten.
IMO CCJ will be over $10 in a matter of weeks.
Long Term Investment - CCJ Uranium BluechipIf you have spare capital lying around and don't want to trade actively.. go for this long with a great RR... (Remember this is a monthly chart so it is really long term). Buying Range Highlighted.. SL in mid 7s and Long targets in green...
Safest Bet Among the Primary Uranium Producers!!Hey Friends!
Cameco is the largest non-state owned public listed uranium miner, with uranium interests in Kazakhstan, US, Australia, and Canada. In Canada, the company operates the Cigar Lake mine in the Athabasca Basin in Saskatchewan, currently the world's highest grade mine. In Kazakhstan, the company is in a Joint Venture with Kazatomprom, the state-owned (and now publicly listed) uranium miner which operates the Inkai mine. The company has several other mines under care and maintenance, notably the McArthur River/Key Lake mine, also in Saskatchewan, erstwhile the world's highest-grade mine. And Cameco has made the right moves through the uranium bear market, shutting down its higher-cost mines, shelving development projects, and cutting its dividend to conserve cash.
However, with uranium spot prices lower than the cost of production of even its Tier 1 mines, the company is aggressively purchasing uranium in the spot market to meet its contract obligations.This will preserve the value of its pounds in the ground as it waits out the bear market, and may also become a hidden balance sheet item in the way that Goldcorp used to accumulate bullion in its earlier days of existence.
Cameco’s long term price contracts provide a hedge too.
Based on the contracts it had in place as of Q2, the company would receive $40 per pound if the spot price was $40 per pound in 2020, $53 at a $60 spot price, and so on. If the company purchases uranium at the current spot price ($25.3/lb) and sells it at $30+ under its long-term contract, it makes a riskless profit, which is precisely what management has been doing and the reason why they are in no hurry to re-start their shuttered mines. If spot prices were to jump to $60/lb, we can see from the table that Cameco will receive $53/lb.
Using their current all-in costs, that would translate to a 64% gross margin, netting $480 million in net income, based on our back of the envelope calculations. Cameco trades at 7.2x the forecast PE.
For a conservative investor, Cameco is the safest bet among the primary uranium producers.
Stay ahead of the masses,
Seth Maniscalco
Founder, Crypto Wealth Coach LLC
Owner, Modern Wealth Management LP
www.CryptoWealthCoach.com
$CCJ9.47 in local support.
will it go higher ?
above 9.91 - a good recovery can take a place on here for long.
CCJ BottomReally like what I am seeing here. Very possible 1-2 1-2 pattern forming. Looking as though an entire EW cycle which started in 2001 may be complete. I like this play because I believe the entire uranium market is looking for a bottom. I know may traders that are interested in the market. I have also talked with a trusted CFA and he also likes this stocks numbers. I am confidently buying here between $8-$9. When the fundamentals are strong and the technicals align with the narrative, price discovery can be powerful. I am #Bullish.
Cameco Buying opportunityArrived at the lower support line quicker than i expected, picked up 300 at 9.65, of which it then fell further. sitting quite uneasily on the Fib 0.5, a downtrend and a uptrend!
Positives its above the support line for the third time. needs to stay there.
Negatives the RSI is still in a downward trend.
Are the miners leading the way for a fall in the Uranium price?
CJJ RSI Bullish Div #CCJ #URANIUMRSI Bullish Divergence on the 4 hour and daily and catching a little support near 8.55. I'm expecting a little bounce here imo #uranium #cjj
Marc
Long CCJExpecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
LONG CCJ (Cameco)Expecting bounce from extremely oversold weekly and daily levels in one of the uranium sector market leader. If stop breached, be prepared to catch new daily reversal on lower levels with tight stop.
$CCJ (Cameco) iH&S with bullish MACD cross inbound. Bullish RSI $CCJ iH&S with bullish MACD cross inbound. Bullish divergence on RSI. Looks great for a swing trade & also long term investment.
CCJ long at support $10 . Uranium divergence on all timeframesWeekly RSI at levels that it only is at a few times over the last 5 years (insanely oversold), DAily RSI just ticked up at a major support level $10. Uranium as measured by $U is showing a major divergence on all time frames 4h/1d/1w . URA (largest uranium ETF) bullish gartley on weekly timeframe.
