Daily Stock Report

Cameco Corp. - (CCO.TO) - April 8, 2022

Since we last mentioned Cameco (CCO.TO) in the March 3rd edition of the Daily Stock Report, the shares have gained 21.8% and have continued to climb within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday, they moved up another 5 positions to 14th place and they are up 18 spots in the last month. 

Cameco (CCO.TO) has been under renewed accumulation since February, steadily advancing in a Rising Channel of higher highs and higher lows. Last month, Cameco broke out over $35.00 to complete a bullish Ascending Triangle and then settled into a higher trading range between $32.50 and $37.50. Yesterday, they broke out again to another new high on an uptick in volume, indicated continuing investor interest and the start of a new upleg. 

Measured moves from recent trading ranges suggest potential upside resistance may appear near $41.00, $42.50, and $47.00, on trend. Initial support appears near $34.00 based on an uptrend support line. 

For the last two years, Cameco (CCO.TO) has been steadily climbing in a general upward trend of higher lows. The last significant correction bottomed out in January and since then, the shares have resumed their upward course, completing bullish Spread Triple Top and Double Top breakouts in the last few weeks.

Vertical and horizonal counts suggest potential upside resistance tests on trend near $41.20, $42.85, $47.30, and $48.20. Initial support appears between $35.00 and $36.00 where a 3-box reversal and a retest of a previous breakout point converge. 

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

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.