Stock Analysis:-Best stocks to swing trade for next week – Cameco Corp(CCO).
Stock Analysis: Wednesday, 11 September 2024 – Cameco Corp (CCO)
Trade Details :- As of Wednesday, 11 September 2024, Cameco Corp (CCO) closed at $54.22.
Monthly Time Frame Analysis
Starting with the monthly time frame, Cameco Corp is currently trading in a bullish trend, continuously creating higher highs (hh) and higher lows (hl) on the chart.
The stock has broken above its 2007 previous swing high, a significant level, and is now in a retracement phase towards the monthly demand zone at around $48. This zone acts as a key support level for a potential bullish continuation.
Weekly Time Frame Analysis
On the weekly time frame, Cameco has already tested the monthly demand zone at $48 and is now attempting to move back upward. The RSI (Relative Strength Index) shows a bullish divergence, meaning while the price has been consolidating, momentum indicators suggest underlying strength, signaling a possible bounce to the upside.
Daily Time Frame Analysis
On the daily time frame, the latest candle shows ultra-high volume, which indicates a surge in bullish activity. This is a strong signal that the stock is gaining strength and could be preparing for a move higher.
The volume analysis suggests an increase in demand, and we anticipate bullish momentum in the coming weeks.
Expected Move
Based on these signals, we expect a bullish move towards the unmitigated supply zones left on the chart, which have not yet been tested. If this plays out, we could see significant upside in the near term.
Important Note
If the price breaks and closes below $47, this bullish setup would be invalid, and the trade plan would no longer hold.
Swing Trade Idea:-
Entry Range: $54 – $52
Stop Loss (SL): $48.48
Target 1: $63
Target 2: $67
Conclusion Cameco Corp (CCO) is showing strong bullish potential based on multi-timeframe analysis, especially with the support of the bullish divergence in RSI and high trading volumes. However, caution should be exercised with a clear stop loss at $48.48, as a break below this level could signal further downside.
This trade setup offers a favorable risk-to-reward ratio for swing traders looking to capitalize on the potential upside over the coming weeks.
You know Best stocks to swing trade for next week ? For more information kindly join our Discord , Link Below .
Note: Always remember: risk no more than 1% per trade.” Keep trailing your stop loss to secure bigger profits.
Please note this is only an opinion and not financial advice.
To get regular updates on stocks, please join our Discord community.
Our Articles on Long-Term Stock Analysis My best read on trading is this Book