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Truth is timeless: “Markets never change” – Jesse Livermore, 1923 The early masters, Livermore, Wyckoff and Loeb isolated themselves from the crowd and crowd thinking. None of them ever graduated high-school and yet they each became legends in the market. Their techniques have been time-tested.... More
  • Market Update: CCJ 0 comments
    Apr 23, 2014 10:10 AM | about stocks: CCJ

    The last post on Cameco Corp. (NYSE:CCJ) indicated that the damage done from a technical standpoint would take some time to repair.

    As we can see from the chart of CCJ, the monthly bar posted in March is being eroded this month. Price action is working into the "tail" of the previous month.

    (click to enlarge)CCJ Monthly

    Chart by TeleChart

    The weekly chart below shows a potential trading channel with the stop listed at 22.77. The stop is tight.

    (click to enlarge)CCJ Weekly

    Chart by TeleChart

    This link shows that the price of U308 continues to decline. Contrary to calls (and continued calls) for a rise in U308 prices that started early 2013, those calls for higher prices have not materialized

    There might be a reversal in U308 prices just around the corner but it has not shown up in the chart......yet.

    With this backdrop of continued lower prices, one would think that CCJ would follow suit. That is not happening. The pressure on CCJ appears to be up.

    • Note: This might be a quick entry-and-stopped-out situation. If so, the risk is small at about 30 - 40 cents/share.

    Disclosure: I am long CCJ.

    Stocks: CCJ
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