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Bullish Moving Average Cross by Cameco (CCJ)

Published on Wed, 01/30/2013 - 12:10
By Mallory Stone

Cameco (NYSE:CCJ) shares have crossed bullishly above their 10-day moving average of $21.35 on a volume of 709K shares. This may provide short-term investors a chance for a long position, as such a crossover often suggests higher prices in the near term.

Potential upside of 25.4% exists for Cameco, based on a current level of $21.46 and analysts' average consensus price target of $26.91. The stock should discover initial support at its 200-day moving average (MA) of $20.42 and subsequent support at its 50-day MA of $19.54.

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.

In the past 52 weeks, Cameco share prices have been bracketed by a low of $16.41 and a high of $26.45 and are now at $21.46, 31% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.

By Mallory Stone