Cameco May Be Oversold
Uranium miner Cameco ran to new highs in August and September as prices increased for the nuclear fuel. Now, after a pullback, some dip buyers may get active.
The first pattern on today’s chart is the $35.16 level where CCJ closed at the end of July. It continued to serve as resistance in the first half of August, but then became support after prices broke out on August 21. Yesterday the stock bottomed $0.02 above the same level.
Second, the drop dragged stochastics into oversold territory.
Third, CCJ is trying to stabilize near its 50-day simple moving average. That may suggest its intermediate-term uptrend remains in effect.
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The first pattern on today’s chart is the $35.16 level where CCJ closed at the end of July. It continued to serve as resistance in the first half of August, but then became support after prices broke out on August 21. Yesterday the stock bottomed $0.02 above the same level.
Second, the drop dragged stochastics into oversold territory.
Third, CCJ is trying to stabilize near its 50-day simple moving average. That may suggest its intermediate-term uptrend remains in effect.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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