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Cameco Corp.: Analysis

|Includes: Cameco Corporation (CCJ)

This earlier post discussed the technical condition of Cameco Corp. (NYSE:CCJ) and indicated that it may be under accumulation.

The first entry was described in the same post (above) and after a brief gain, that entry on CCJ was stopped out.

The original premise remained the same (CCJ under accumulation) and the price action was monitored for another opportunity.

That opportunity appears to be at hand.

This morning's entry was executed at 19.78. Price action then declined (briefly) to a low of 19.63 to post was appears to be the session low.

CCJ Daily

Chart by TeleChart

At this time, price action appears to be pulling away and a breakout to the up-side may be forthcoming.

Disclosure: The author is long CCJ.