As tech stocks take a breather, energy stocks have been surging – especially with oil prices steadily rising thanks to production cuts.
Today’s daily stock pick is an energy stock that has nothing to do with oil and gas…
But it has risen by over 45% this year…
And the reason I’m featuring it today is because of this chart right here:
What you see here is this stock breaking past the resistance level established by its previous highs in September 2022, November 2022, and January 2023 (white line).
On top of that, its 21-day moving average (yellow line) has also been comfortably serving as a support level, with its stock “bouncing” as it moves higher.
In short, the price action is highly favorable…
And because this is a relatively small company, the near-term upside potential could be significant – especially because the stock is still trading about 25% below all-time highs.
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Energy Fuels Inc. (UUUU)
Energy Fuels is America’s only conventional uranium producer, with principal properties located in Colorado, Utah, Arizona, Wyoming, and New Mexico.
In general, uranium stocks have been rising thanks to higher uranium prices resulting from strong demand from physical fund speculators. In fact, uranium prices are now sitting at 12-year highs. In the longer-term, a shift by governments toward nuclear power to meet carbon targets should also support this price.
But for today, we’re focused on the shorter-term. And because the uranium market is much more thinly traded compared to the major commodities like oil and gas, a relatively small spike in demand can create an outsized jump in prices.
Energy Fuels has been a strong beneficiary of this trend. And based on the price action and the macro demand factors, it’s a trend that seems likely to only continue – and a trend you could profit from.
To your wealth,
Felix @ Ace of Investing