Cameco Breaks Above The 200-Day Moving Average On Volume

Uranium stocks had a nice start to the year, then had a big pullback that negated a potential Stage 2 breakout.  But if you look at longer term charts of uranium stocks you will see that their last major bull market ended all the way back in 2007.  In 2010 of course they started to initiate another bull market but the Fukushima disaster terminated that bull market in early 2011.  So uranium stocks are still very much a contrarian market, and with solid fundamentals with global uranium supplies not sustainable at current prices according to many analysts.  Today Cameco had a very bullish move back above the 200 day moving average on heavy volume, and it closed right at the highs of the day.  These uranium stocks have nice long Stage 1 bases that could easily launch a real Stage 2 uptrend.

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