Cameco Corp. - (CCO.TO) - June 8, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Uranium producer Cameco Corp. (CCO.TO) has returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report from a short drop into the red zone. Yesterday, CCO.TO jumped 38 positions to 54th place.

Cameco (CCO.TO) shares have been under steady accumulation since the fall of 2020, advancing in a bullish Rising Channel of higher highs and higher lows. A recent downswing successfully retested uptrend support. With the shares regaining $30.00 and their 50-day moving average, a new upswing appears to be underway.

Initial upside support has moved up toward $32.00, a recent breakout point, from the $30.00 round number. Initial upside resistance appears in the $40.00 to $42.00 area, where the previous peak, a round number, and a measured move converge.

 

After staging a downswing in May that bottomed out at another higher low to keep its primary uptrend intact, Cameco (CCO.TO) shares have been bouncing back this month. Completing a bounce of more than 50% of the previous down column, Cameco has triggered a bullish Low Pole Warning that confirmed the start of a new upswing.

Initial upside resistance appears at the previous peak near $40.40, followed on trend by $43.70 and $47.30, both of which are based on vertical counts. Initial support appears near $31.20 based on a 3-box reversal.

With a bullish SMAX score of 9, CCO.TO is exhibiting strength against 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.

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