Cameco (CCJ) should continue bullish trend in 2024 [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Cameco Corporation, headquartered in Saskatoon, is a key player in uranium production. It operates major mines globally. As a significant contributor to the nuclear energy sector, the company’s success is influenced by uranium prices and regulatory dynamics. Below we provide an Elliott Wave technical update for the stock.

Cameco ($CCJ) monthly Elliott Wave chart

Monthly Elliott Wave Chart of Cameco shows that the stock ended all-time super cycle correction in wave (II) at 5.30. From there, the stock ahs started a new bullish cycle which should continue to see further rally in years to come, including 2024. Wave (III) is currently in progress as an impulsive structure. Up from wave (II), wave ((1)) ended at 28.49 and pullback in wave ((2)) ended at 18.03. The stock has resumed higher in wave ((3)) and nesting. As far as pivot on 3.1.2023 low at 5.3 stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.

$CCJ daily Elliott Wave chart

Daily Elliott Wave Chart of Cameco (CCJ) shows that wave ((3)) remains in progress with internal subdivision as an impulse. Up from wave ((2)), wave (1) ended at 32.49 and wave (2) ended at 20.02. Stock then resumed higher in a nest. Up from wave (2), wave 1 ended at 31.29 and pullback in wave 2 ended at 21.02. Wave 3 higher ended at 46.95. Pullback in wave 4 is now in progress before stock resumes the rally higher. Near term, as far as pivot at 18.18 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.

$CCJ video

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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