Cameco Corporation Stock Forecast
Cameco Corporation stock downgraded from Hold/Accumulate to Sell Candidate after Monday trading session.
(Updated on Apr 22, 2024)
The Cameco Corporation stock price fell by -1.68% on the last day (Monday, 22nd Apr 2024) from $48.10 to $47.29. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 2.76% from a day low at $46.67 to a day high of $47.96. The price has fallen in 7 of the last 10 days and is down by -2.99% for this period. Volume has increased on the last day by 1 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately $146.38 million.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 4.01% during the next 3 months and, with a 90% probability hold a price between $42.04 and $52.72 at the end of this 3-month period.
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CCJ Signals & Forecast
The Cameco Corporation stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $48.30. On a fall, the stock will find some support from the long-term average at approximately $44.85. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -6.30%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Cameco Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $44.72 and $41.63. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Cameco Corporation finds support just below today's level at $44.72. If this is broken, then the next support from accumulated volume will be at $41.63 and $39.57.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.29 between high and low, or 2.76%. For the last week, the stock has had daily average volatility of 3.44%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CCJ) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Cameco Corporation to open at $47.31, and during the day (based on 14 day Average True Range), to move between $45.31 and $49.27, which gives a possible trading interval of +/-$1.98 (+/-4.18%) up or down from last closing price. If Cameco Corporation takes out the full calculated possible swing range there will be an estimated 8.37% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $47.90 (1.29%) than the support at $44.72 (5.43%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Cameco Corporation will release earnings BMO on Friday, April 26, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.330. We will update the financials statements for Cameco Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 8.16% in the first trading day after earnings release.
Is Cameco Corporation stock A Buy?
The Cameco Corporation stock holds several negative signals and despite the positive trend, we believe Cameco Corporation will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.039 Sell Candidate Downgraded
Predicted Opening Price for Cameco Corporation of Tuesday, April 23, 2024
Fair opening price April 23, 2024 | Current price |
---|---|
$47.31 ( 0.0352%) | $47.29 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CCJ
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 48.60 | 2.76 % | |
R2 | 48.10 | 1.72 % | ||
R1 | 47.80 | 1.08 % | ||
Current price: | 47.29 | |||
Support | S1 | 46.81 | -1.01 % | |
S2 | 46.51 | -1.65 % | ||
S3 | 46.02 | -2.69 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 50.56 | 6.91 % | |
R2 | 49.59 | 4.86 % | ||
R1 | 47.90 | 1.29 % | ||
Current price | 47.29 | |||
Support | S1 | 44.72 | -5.43% | |
S2 | 41.63 | -11.97% | ||
S3 | 39.57 | -16.32% |
CCJ Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Oct 31, 2023 | Nov 29, 2023 | Dec 15, 2023 | $0.0900 | 0.200% |
2 | Feb 09, 2022 | Nov 29, 2022 | Dec 15, 2022 | $0.0890 | 0.410% |
3 | Nov 01, 2021 | Nov 29, 2021 | Dec 15, 2021 | $0.0630 | 0.284% |
4 | Nov 05, 2020 | Nov 27, 2020 | Dec 15, 2020 | $0.0610 | 0.438% |
5 | Nov 01, 2019 | Nov 26, 2019 | Dec 13, 2019 | $0.0600 | 0.658% |
FAQ
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