Bull Signal Flashing for World's Biggest Uranium Stock

The 200-day moving average typically helps the equity move higher

Deputy Editor
Mar 14, 2024 at 12:54 PM
facebook X logo linkedin

Shares of the world's largest publicly traded uranium company, Cameco Corp (NYSE:CCJ), are up 1.4% at $40.11 this afternoon. However, a recent downtrend just placed CCJ near a trendline with historically bullish implications. 

The stock has come within one standard deviation of its 200-day moving average for the sixth time in the past three years. According to Schaeffer's Senior Quantitative Analyst Rocky White, Cameco stock was positive one month later 67% of the time, averaging a 12.7% gain.  A similar move would push the shares back up to the $45.20 level, recovering its March losses. 

The 200-day trendline actually stepped up to save yesterday's 5.7% dip that mirrored falling spot prices -- the Global X Uranium ETF (URA) took a 2.9% dive during yesterday's session. Today's pop could be the beginning of a longer-term uptrend, and this is an intriguing entry point for a stock that's up 45.6% year-over-year, but down 1.2% year to date.

CCJ Chart March 142024

An unwinding of pessimism in the options pits could provide tailwinds as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), CCJ's 10-day put/call volume ratio of 1.45 ranks higher than 91% of readings from the past year. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI