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.
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