Cameco (CCJ) Looking to Extend Higher

The fundamental of Uranium continues to get better. Various countries like Japan and South Korea have now turned to nuclear power as a solution to the energy crisis. The U.S. and Europe recently proposed to put a cap on Oil supplied by Russia. Russia in turns turned off the gas pipe in Nordstream 1. The tit for tat economic war risks to unleash the worst energy crisis in Europe and by extension around the world. Already the European continent is facing a steep rise in electricity bills affecting a lot of the local businesses. As the outlook for Uranium gets better, 1 Uranium-mining company which could offer a leveraged play in Uranium sector is Cameco (symbol: CCJ). Below is the chart for the stock.

$CCJ Monthly Elliott Wave Chart

Monthly chart above suggests the stock ended wave (II) at 5.30 and the stock has resumed higher in wave (III). Up from wave (II), wave I ended at $28.49 and wave II is proposed complete at $20.02. The stock still needs to break above the previous peak at $32.49 to confirm the next leg higher has started and rule out a double correction

$CCJ Daily Elliott Wave Chart

Daily Chart above shows that Wave II ended already at $20.02 as a running flat. The stock however still needs to break above wave ((B)) of II at $32.49 in order to confirm the view. As far as the stock stays above $5.3, pullback should find support in 3, 7, or 11 siwng for further upside.