Cameco Stock Soars As The Uranium Sector Blasts Off, Options Traders Pile In

Cameco Stock Soars As The Uranium Sector Blasts Off, Options Traders Pile In

Cameco Corp (NYSE: CCJ ) was skyrocketing up over 8% higher on Friday helping to pull the Global X Uranium ETF (NYSE: URA ) over 9% higher. The Saskatoon-based uranium producer is the world’s largest publicly traded uranium stock with a market cap of $9.9 billion.

The stock is trading down more than 55% from its June 2007 all-time high of $55.97 and in March 2020 it found a bottom at the $5.13 level and reversed upwards.

This September Cameco looks to be breaking up from a bull flag on the monthly chart with the pole created between November 2020 and June 2021 and the flag between June and August.

When a pattern is created on a chart using a larger time frame the break from the pattern can be larger and more powerful: A break from an hourly bull flag may last only an hour or two […]

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