CCJ Crosses Important Technical Indicator | Commodities
In trading on Monday, shares of Cameco Corp. (Image: CCJ) entered into oversold territory, altering fingers as low as $40.36 per share. We outline oversold territory utilizing the Relative Power Index, or RSI, which is a technical evaluation indicator used to measure momentum on a scale of zero to 100. A stock is taken into account to be oversold if the RSI studying falls under 30.
Within the case of Cameco Corp., the RSI studying has hit 29.9 — by comparability, the universe of metals and mining shares lined by Metals Channel at the moment has an average RSI of 45.9, the RSI of Spot Gold is at 8.3, and the RSI of Spot Silver is presently 14.0.
A bullish investor may take a look at CCJ’s 29.9 studying as a signal that the current heavy promoting is within the course of of exhausting itself, and start to search for entry level alternatives on the buy aspect.
Taking a look at a chart of one yr efficiency (under), CCJ’s low level in its 52 week vary is $35.43 per share, with $62.55 because the 52 week high level — that compares with a final trade of $40.78. Cameco Corp. shares are at the moment trading off about 2.9% on the day.
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The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
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