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Cameco (Friday’s close $16.39) declined from $27.39 in April-2014 to $9.88 in October-2016 (A-B) below a falling trend-line (dotted line) and below its falling 40-week Moving Average (40wMA). It rose above these indicators in late-2016 to signal the end of the downtrend (C).

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The stock then settled in a bullish technical pattern known as an Inverse Head-and-Shoulders formation (solid lines). A sustained rise above $17-18 would confirm the breakout.

Behaviour indicators including the rising 40wMA and the rising trend-line (solid line) confirm the bullish potential. Only a sustained decline below ±$14.50 would be negative.

A rise above $17-18 would signal Point & Figure targets of $20 and $22. Higher targets are visible.

Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: www.decisionplus.com

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 24/05/24 4:20pm EDT.

SymbolName% changeLast
CCO-T
Cameco Corp
+1.94%72.38

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