Cameco May Be Attempting a BreakoutUranium 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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