It's no secret that Uranium stocks are in a bull market. Cameco Corp (CCJ) has been a major benefactor of this massive upside momentum. The stock has moved higher to the tune of 30% in approximately one month! Does CCJ have anymore upside left?

According to my trade screen, CCJ is set to gap up at this mornings opening. I would be very cautious buying into CCJ at these levels. Although the stock just made new all time highs with volume confirming the upside action (bullish), RSI levels are currently registering at 90 suggesting an extremely over bought situation (bearish). In this situation, I would not be a buyer or a shorter. You cannot short against this strength unless you are using speculative capital that you don't mind losing.



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.