A Cameco Corporation (NYSE:CCJ) breakout would suggest/signal a continuation of its uptrend
Dwight Galusha | August 31, 2021 | SmallCapPower: Cameco Corporation (NYSE:CCJ) is pushing up against the underside of a major horizontal resistance line after moving higher from a falling wedge continuation pattern. Watch for a breakout as it would suggest/signal a continuation of the uptrend.
Cameco, one of the largest global providers of the uranium fuel, controls ownership of the world’s largest high-grade reserves and low-cost operations.
The company has a stable balance sheet with more cash than debt. As well, Cameco has reported plans to focus on building new reactors that will help it to meet increased uranium demands.
The company has also recently resumed operations at its Cigar Lake mine in Saskatchewan, the world’s highest grade uranium mine, which was previously halted due to COVID-19 related restrictions.
Dwight Galusha is a Chartered Market Technician (CMT) whose work can be found at www.SetYourStop.com
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