CCJ may join other commodity/miners at (much) lower levels.
The Quarterly chart gives us a strategic view to what is taking place.
In the case of CCJ, price action looks very similar to GLD (right along with all of the "bullish case" talk that is readily available).
Anything can happen. However, the probabilities indicate that support for higher prices remains weak and that CCJ is still under distribution.
As with gold, it is the same story for Uranium or more specifically the Uranium proxy: CCJ
It is a long way down before there is an area with sustainable demand.
Coupled with the overhang of a tax ruling that is to be issued at some undefined point in the future, it all appears to be keeping CCJ under continuous pressure.
Cameco Corp. (CCJ) has penetrated to the down-side out of a wedge pattern.
It is still early in the move and CCJ may return back into the range. If so, then the price action may present a spring set-up condition.
However, if the breakdown continues the measured move target is below the 10.00 - area.
CCJ has remained profitable (by the fact that is actually has "E" for calculation of the P/E) while U308 prices have declined. The problem is that there are significant unknowns some of which are indicated in this post.