Cameco Corp (CCJ)
By Thu, Sep 9, 2021
With inflation “running hot” investors flock to commodities, which is why we’re looking there over equities in today’s Chart of the Week.
Uranium in particular is on fire.
And the bellwether there has to be Cameco Corp (CCJ).
Great relative strength, great sector, great opportunity.
CCJ is set to break out past its former highs, and when it does we are jumping on for a nice gain.
We’re long above $21.70, with an exit target at $44.
Below $21.70, we’re not seeing new relative highs to confirm a breakout, so we’re just watching.
But once we hit that level, we’re looking to $44 — more than 100% gain with minimal risk.
Just how we like it.
Til next week, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
