stock
Cameco CCO-T (Wednesday’s close $41.47) has been in a long-term uptrend above a rising trendline since 2020 (solid line). We recommended the stock on February 19, 2021 ($20.92) and have seen a 96-per-cent appreciation from our report to the April 2022 high (A).
Despite the rising lows over the past three years, Cameco ran into resistance near $40 during the past years (shaded area). The recent rise above this level suggests a breakout and the continuation of the long-term uptrend (B). A sustained rise above $41-$42 would confirm it.
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trendline confirm the bullish status. There is good support near $36-$37; only a sustained decline below this level would be negative.
A rise above $41-42 would signal Point & Figure targets of $49 and $54. Higher targets are visible.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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