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Good technical signals and a possible breakout for CAMECO CORP.

By Mill Chart

Last update: Oct 25, 2023

Our stock screener has flagged CAMECO CORP (NYSE:CCJ) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:CCJ for potential movement.

CCJ Daily chart on 2023-10-25

Deciphering the Technical Picture of NYSE:CCJ

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Overall CCJ gets a technical rating of 9 out of 10. Both in the recent history as in the last year, CCJ has proven to be a steady performer, scoring decent points in every aspect analyzed.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • Looking at the yearly performance, CCJ did better than 96% of all other stocks. On top of that, CCJ also shows a nice and consistent pattern of rising prices.
  • CCJ is part of the Oil, Gas & Consumable Fuels industry. There are 218 other stocks in this industry. CCJ outperforms 93% of them.
  • CCJ is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so CCJ slightly outperforms the market at the moment.
  • In the last month CCJ has a been trading in the 35.18 - 42.16 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Our latest full technical report of CCJ contains the most current technical analsysis.

How does the Setup look for NYSE:CCJ

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:CCJ exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

CCJ has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 37.85, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for CCJ in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Of course, there are many ways to trade or not trade NYSE:CCJ and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.

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CAMECO CORP

NYSE:CCJ (2/22/2024, 7:04:00 PM)

Premarket: 40.42 -0.63 (-1.53%)

41.05

-0.68 (-1.63%)

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