Cameco Corporation (CCJ) is one of the world’s largest publicly traded uranium producers. The company’s headquarter is located in Canada and widely recognized as a key supplier to the global nuclear energy industry. The company’s operations span mining, milling, and fuel services, positioning it as a central player in the uranium supply chain. We will look at the long term technical outlook for the stock using Elliott Wave technique.

Cameco ($CCJ) Monthly Elliott Wave Chart

The monthly Elliott Wave chart for Cameco (CCJ) indicates that wave (II) of the Super Cycle bottomed at $5.17 in March 2020. From that low, the stock began a new impulsive advance in wave (III). Wave I of (III) concluded earlier this year at $135.24. A corrective pullback in wave II of (III) completed at $83.15. To rule out the risk of a double correction, the stock must break above the prior wave I peak at $135.24. In the near term, while price action holds above $5.17, dips should attract buyers in either three- or seven-swing structures.

$CCJ Daily Elliott Wave Chart

The daily Elliott Wave chart of Cameco (CCJ) shows that wave I in Cycle degree completed earlier this year at $135.24. The subsequent wave II unfolded as a double three corrective structure. Wave ((W)) ended at $100.11, wave ((X)) at $131.21, and wave ((Y)) at $83.15, completing wave II. From that low, the stock has turned higher, with the rally unfolding in five waves. This indicates further upside potential. Near term, as long as price remains above the wave II low at $83.15, and more importantly above $35.85, pullbacks  should attract buyers in either three- or seven-swing sequences, supporting continuation to the upside.

CCJ Elliott Wave Video

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