Uranium demand is looking bullish, can #CCJ continue to rally?
With
UX1!
spot prices surging by nearly 50%, the performance of
CCJ
has been nothing short of remarkable since it broke out of the wedge pattern in June this year. A significant increase in trading volume further exemplifies this rally.
As uranium spot prices continue to show potential for further gains, the question arises: can
CCJ
sustain its upward momentum? Several indicators suggest a positive outlook.
1. The MACD (Moving Average Convergence Divergence) has recently formed a bullish crossover, signalling strong momentum in favour of the bulls.
2. Additionally, the stock is currently positioned at the 50-day moving average.
3. Furthermore,
CCJ
has successfully tested the $36 resistance level, which has now turned into support, making for a robust double-bottom pattern.
All of these technical signals point to a favourable long position. Investors speculating on
CCJ
at this juncture may stand to gain healthy profits if the current trends persist.
UX1!
spot prices surging by nearly 50%, the performance of
CCJ
has been nothing short of remarkable since it broke out of the wedge pattern in June this year. A significant increase in trading volume further exemplifies this rally. As uranium spot prices continue to show potential for further gains, the question arises: can
CCJ
sustain its upward momentum? Several indicators suggest a positive outlook. 1. The MACD (Moving Average Convergence Divergence) has recently formed a bullish crossover, signalling strong momentum in favour of the bulls.
2. Additionally, the stock is currently positioned at the 50-day moving average.
3. Furthermore,
CCJ
has successfully tested the $36 resistance level, which has now turned into support, making for a robust double-bottom pattern. All of these technical signals point to a favourable long position. Investors speculating on
CCJ
at this juncture may stand to gain healthy profits if the current trends persist.