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HomeTrading StrategiesBull Sign Flashing for World's Largest Uranium Inventory

Bull Sign Flashing for World’s Largest Uranium Inventory

CCJ simply pulled again to a traditionally bullish trendline on the charts

Shares of the world’s largest publicly traded uranium firm, Cameco Corp (NYSE:CCJ), are up 1.4% at $40.11 this afternoon. Nevertheless, a current downtrend simply positioned CCJ close to a trendline with traditionally bullish implications. 

The inventory has come inside one commonplace deviation of its 200-day shifting common for the sixth time previously three years. In accordance with Schaeffer’s Senior Quantitative Analyst Rocky White, Cameco inventory was constructive one month later 67% of the time, averaging a 12.7% acquire.  An analogous transfer would push the shares again as much as the $45.20 degree, recovering its March losses. 

The 200-day trendline really stepped as much as save yesterday’s 5.7% dip that mirrored falling spot costs — the International X Uranium ETF (URA) took a 2.9% dive throughout yesterday’s session. Right this moment’s pop may very well be the start of a longer-term uptrend, and that is an intriguing entry level for a inventory that is up 45.6% year-over-year, however down 1.2% yr so far.

CCJ Chart March 142024

An unwinding of pessimism within the choices pits may present tailwinds as effectively. On the Worldwide Securities Change (ISE), Cboe Choices Change (CBOE), and NASDAQ OMX PHLX (PHLX), CCJ’s 10-day put/name quantity ratio of 1.45 ranks greater than 91% of readings from the previous yr. 

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