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Cameco Corp. - (CCO.TO) - May 24, 2023

Uranium producer Cameco Corp. (CCO.TO) has returned to the Green Favored Zone in the SIA S&P/TSX 60 Index Report from a recent dip down into the yellow zone, continuing a general upward trend in the rankings which started back in December. Yesterday, Cameco finished in 15th place, up 6 spots on the day and up 11 positions in the last month. For nearly a year, a bullish ascending triangle pattern of higher lows below resistance in the $40.00 to $41.00 zone has been forming in Cameco (CCO.TO) shares. The most recent downdraft in March was contained by the 200-day moving average, confirming that the underlying upward trend remains intact.

This month, the shares have started to move up once again including yesterday’s jump on a pop in volume. Initial support has moved up toward $36.00 from $34.00.

A close above $41.00 would complete the triangle and signal the start of a new advance. Should that occur, measured moves suggest initial resistance may appear just below the $50.00 round number, followed by the $54.00 to $56.00 range.

This 1% chart highlights recent accumulation in Cameco (CCO.TO) shares. A winter correction was contained by an uptrend support line in April. Since then, the shares have bounced back, completing two bullish Double Top breakouts and a Bullish Catapult.

Initial upside resistance appears at the September peak just above the $40.00 round number, followed on trend by $41.75 based on a vertical count, and $43.45 based on a vertical count. Initial support appears near $36.65 based on a 3-box reversal.

With a perfect SMAX score of 10, CCO.TO is exhibiting strength across the asset classes.

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