NYSE:CCJ may be ready to breakout.

A possible breakout setup was detected on CAMECO CORP (NYSE:CCJ) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:CCJ.

Zooming in on the technicals.

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Taking everything into account, CCJ scores 8 out of 10 in our technical rating. In the last year, CCJ was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• When comparing the yearly performance of all stocks, we notice that CCJ is one of the better performing stocks in the market, outperforming 96% of all 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 92% 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 - 39.78 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

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:CCJ is 8:

Besides having an excellent technical rating, CCJ also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 37.89, a Stop Loss order could be placed below this zone.

How to trade NYSE:CCJ?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

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.