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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. Yesterday's price range of $10.48 and $10.68 is within the prior day'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.

Cameco share prices have moved between a 52-week high of $17.55 and a 52-week low of $10.31 and closed yesterday at 3% above that low price at $10.57 per share. The 200-day and 50-day moving averages have moved 0.18% lower and 0.1% lower over the past week, respectively.

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.

There is potential upside of 71.2% for shares of Cameco based on a current price of $10.57 and an average consensus analyst 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 6.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle cameco

Ticker(s): CCJ