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Possible Bullish Inside Day Candle Pattern Detected for Cameco (NYSE:CCJ)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cameco (NYSE:CCJ) based on the price action in the company's shares. Today's price range of $10.49 and $10.63 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Cameco may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Cameco have traded between a low of $10.31 and a high of $17.55 and are now at $10.58, which is 3% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.

Cameco Corporation explores for, develops, mines, refines, converts, and fabricates uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. The Company also operates the Bruce B nuclear reactors in Ontario, as well as through a subsidiary, explores for, develops, mines, and sells gold.

Potential upside of 71.1% exists for Cameco, based on a current level of $10.58 and analysts' average consensus price target of $18.10. The stock should find initial resistance at its 50-day moving average (MA) of $12.49 and further resistance at its 200-day MA of $12.68.

SmarTrend recommended that its subscribers protect gains by selling shares of Cameco on May 19th, 2016 by issuing a Downtrend alert when the shares were trading at $11.33. Since that call, shares of Cameco have fallen 8.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle cameco

Ticker(s): CCJ