Cameco's shares climbed steadily through January and February, then reversed in March, giving back a sizeable portion of those gains as investors rotated out of commodity-linked names. This pullback left the stock testing critical chart levels after a prolonged rally.

Cameco's 160-day moving average has emerged as key support, holding the stock above its long-term trendline. A sustained break below this moving average could open the door to further losses, while a bounce here would reinforce the bullish setup.

Entering April, Cameco has recaptured upside momentum with a modest advance, reflecting renewed optimism in nuclear energy. Its exposure to uranium supply constraints and growing clean energy demand underpins the case for further upside if market conditions improve.