Cameco Corporation (NYSE: CCJ)- SELL at USD 56.67 

Cameco Corporation (NYSE: CCJ) is engaged in providing uranium fuel to generate clean, reliable baseload electricity around the globe. The Company also offers nuclear fuel processing services, refinery services and manufactures fuel assemblies and reactor components. Its segments include uranium, fuel services and Westinghouse.

As per the previous report published on CCJ on 15 October 2024, Kalkine gave a ‘Buy’ rating on the stock at USD 51.88, and the stock price has moved up by ~ 9.23% since then.

Previous Recommendation Summary as on 15 October 2024

CCJ Daily Chart

Considering that the stock is trading near its R1 level, market uncertainties, and risks associated, the share price can witness resistance at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the closing market price of USD 56.57, as of 17 October 2024.

Note: This report may be updated with details around fundamental and technical analysis, and price/ chart in due course, as appropriate.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 17 October 2024. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement.  

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.