[Short-Term] Cameco is bouncing right now.. Pre-Recession?Good day, welcome to my analysis on GETTEX:CJ6 current standpoint from a technical view.
Please be informed that this is just a short-term analysis, my long term analyses and fundamental analyses can be found here:
Bullish on Cameco - Show will go on
From Fibonacci retracement, we can see Cameco is bouncing around at fib 0 from November 15th indicating a possible movement of direction.
A Fibonacci retracement from Nov. 19th to yesterday's high wick shows the current movement is between fib 0.2 and fib 0.6 (open to close) with today's wick (as of now) laying just above fib 0.7.
Yes, these are pretty short term Fibonacci's, but considering Cameco is at its all-time high, no longer term analysis seems fitting for me.
Now, here are the possibilities:
Recession:
Cameco may go into a short-term recession. I would put the maximum low at around fib 0.2 or the higher low / demand zone from November 20th, which would be €54 or €53 retrospectively.
Uptrend:
Cameco may continue its uptrend until it settles at a new All-Time High. No expected numbers from me.
Update:
While writing this, MT Newswire posted an article called “RBC Raises Price Target on Cameco to CA$90 From CA$75, ”. The possibility of a short-term recession is getting lower, through the uptrend Cameco had while I'm writing this. Anyway, I don't want to have such short term prognoses, therefore I will still be listing this as a neutral.
I hope you've enjoyed this analysis, please read my longer term analyses on Cameco listed below.
Have a pleasant day and may you never exit before the bull run begins.
-- Henrik B.
