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

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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