Cameco (CCJ)

by | Feb 16, 2024 | Daily Trade Alerts

Keep an eye on beaten-down shares of Cameco (CCJ).

After dropping from about $51 to $41, the uranium stock caught support dating back to early January. It’s also over-extended on RSI, MACD, and Williams’ %R.  Plus, with the current supply-demand situation over uranium, the stock could push higher again.

Governments all over the world are quickly realizing that uranium is key to a greener future, which they all say they’re fighting for. Plus, according to the World Nuclear Association, demand for nuclear reactors could climb about 28% by 2030. 

In addition, the world’s largest producer of uranium again warned its output numbers could be worse than expected. As noted by Seeking Alpha, “Kazakh uranium miner Kazatomprom, which produces ~20% of the world’s uranium, said it will produce only 80% of its permitted maximum uranium output allowed under Kazakh subsoil usage contracts, instead of the previously announced 90% level.”


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