Cameco Corporation Stock Forecast
Cameco Corporation stock downgraded to Hold/Accumulate
(Updated on Apr 25, 2024)
The Cameco Corporation stock price gained 0.82% on the last trading day (Thursday, 25th Apr 2024), rising from $48.76 to $49.16. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.97% from a day low at $47.88 to a day high of $49.78. The price has fallen in 6 of the last 10 days and is down by -2.6% for this period. Volume fell on the last day by -838 thousand shares and in total, 2 million shares were bought and sold for approximately $98.06 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $51.07 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 7.91% during the next 3 months and, with a 90% probability hold a price between $44.65 and $55.11 at the end of this 3-month period.
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CCJ Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -2.60%. 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). The Cameco Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $48.37 and $45.50. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched 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 $1.90 between high and low, or 3.97%. For the last week, the stock has had daily average volatility of 3.24%.
Our recommended stop-loss: $47.18 (-4.02%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (CCJ) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Cameco Corporation to open at $48.94, and during the day (based on 14 day Average True Range), to move between $47.23 and $51.09, which gives a possible trading interval of +/-$1.93 (+/-3.93%) up or down from last closing price. If Cameco Corporation takes out the full calculated possible swing range there will be an estimated 7.86% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $49.59 (0.87%) than the support at $44.72 (9.03%), 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?
Cameco Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.186 Hold/Accumulate Downgraded
Predicted Opening Price for Cameco Corporation of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $48.94 ( 0.448%) | $49.16 |
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 | 50.84 | 3.42 % | |
| R2 | 50.11 | 1.94 % | ||
| R1 | 49.67 | 1.03 % | ||
| Current price: | 49.16 | |||
| Support | S1 | 48.21 | -1.92 % | |
| S2 | 47.77 | -2.84 % | ||
| S3 | 47.04 | -4.31 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 50.56 | 2.85 % | |
| R2 | 49.86 | 1.42 % | ||
| R1 | 49.59 | 0.87 % | ||
| Current price | 49.16 | |||
| Support | S1 | 44.72 | -9.03% | |
| S2 | 41.63 | -15.32% | ||
| S3 | 39.57 | -19.51% |
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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