Cameco Shares Could Continue Their Upward Trajectory

Shares of Cameco Corp CCJ Tuesday climbed over 1% on Tuesday, adding to recent gains and taking the stock higher by more than 36% year to date.

On CNBC's "Options Action," Mike Khouw of Optimize Advisors said that Cameco “has seen persistently high options volumes, but even with that today’s [Tuesday’s] volume was double the average call volume.”

Calls outpaced puts by more than 13:1, he added.

Check out other power stocks making big moves in the premarket.

There were buyers of 44,400 of the May 35 calls at an average price of $1.39 per contract, Khouw mentioned. The buyers of these contracts are betting that the stock rises by at least 18% by May expiration.

Price Action: Comeco shares were trading up 2.65% during pre-market on Wednesday at $31.77, according to Benzinga Pro data.

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