Cameco Corporation (CCJ) has seen some upside action in the last few weeks. Will CCJ continue to go higher?

CCJ has a lot of resistance @ 45, but has almost completed a rounded bottom, which indicates an upside reversal in the stock price. The rounded bottom would not be complete without a solid break to the upside of 45. Upside volume indicates a break in the near future.

What further adds to the likelihood of a break is the behavior of RSI and MACD. Both RSI and MACD track the stock price and move fairly consistently. The last time MACD crossed zero on the one year chart, CCJ fell below 45, and has not been able to hold above it since. Now MACD is crossing zero on the movement to the upside. Will the stock price follow? Time will tell, but at the moment things are looking good.



Andy Swan is co-founder and head trader for DaytradeTeam.com. To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.