CCJ trade ideas
CCJ: One more Uranium Short for good measureMy outlook on Uranium and Nuclear Energy has shifted bullish long term. The spike in volume on CCJ during this uranium bull run bodes well for the future of uranium in my opinion. That being said, CCJ has been trading in an ascending channel for over a year now whilst being rejected at the long term .786 fib at $33.34. I am expecting an ABC correction to at least ~$10 (Highest Volume Node, 1 fib level, 0.7 fib level). Wave 2 can retrace up to 100% of Wave 1, but there is significant confluence for support at ~$10.
I don't believe the transition from fossil fuels to renewable energies is going to happen in a snap of a finger. Not in a rush to purchase anything Uranium related.
CCO longIts been a while. Lots of hand sitting this month. Finally a few stocks are moving the right direction.
Entry here in CCO Long. Bounced off the long term 0.382. looking for short term run to 0.5. 3/8 trap triggered entry. 1st target of %10 hit so took 1/3 off. Stop moved into slight profit for protection.
Accumulating Uranium stocks at this time so looking at how to hold last 3rd for a long period. Will update plan as it develops.
Is $CCJ ready to start coming up on the right side of its base?Notes:
* Strong up trend since March 2020
* Good earnings in the recent quarters
* Has been basing for ~5 months now
* Seems to have formed a double bottom with a handle
* Printed a pocket pivot with a bullish pin bar in the last session
* Red lines denote historical levels
Technicals:
Sector: Energy - Uranium
Relative Strength vs. Sector: 2.32
Relative Strength vs. SP500: 1.64
U/D Ratio: 1.02
Base Depth: 57.8%
Distance from breakout buy point: -21.39%
Volume -6.15% below its 15 day avg.
Trade Idea:
* You can enter now as the price is close to its 50 day line and is offering a potential early entry
* If you want a safe entry you can wait for a break above 26.16 as that is immediate resistance
* This stock usually has local tops when the price closes around 20.97% above its 50 EMA
* Consider selling into strength if the price closes 20.77% to 21.17% (or higher) above its 50 EMA
* The last closing price is 5.76% away from its 50 EMA
Getting through recession before Cameco (uranium) bounces?In prior 2008-09 recession, Cameco massively underperformed.
In a high volatility regime for stocks (VIX > 20), equities overall tend to do poorly.
The arc (a @northstar badcharts favorite) suggest another touch down before resuming its uptrend.