Oklo's Stock Skyrockets 22%: Key Levels Investors Should Watch Now!

Summary:

Oklo shares surged 22%, reaching a new record high.
The stock has doubled in a month, fueled by AI data center energy demands.
RSI indicates bullish momentum but warns of overbought conditions.
Technical analysis suggests a price target of $35.
Key support levels to watch are $16, $12.25, and $9.50.

Key Takeaways

Oklo shares soared 22% to a new record high as investors flock to this Sam Altman-backed nuclear energy startup.
The stock has more than doubled in the past month amid a growing consensus that nuclear energy will power AI data centers.
The relative strength index (RSI) indicates bullish momentum but warns of overbought conditions that could lead to short-term declines.
A technical analysis suggests a potential upside target of $35, following a basic Elliot Wave pattern.
Key support levels to monitor are around $16, $12.25, and $9.50.

Volume Confirms Bullish Price Momentum

Since breaking out from a falling wedge pattern, Oklo's stock has shown a sharp upward trend, supported by above-average volume and increased share turnover, reflecting strong buying interest.

Chart-Based Price Target

Using a bars pattern analysis, we can predict a bullish price target of about $35, assuming the stock is following a distinct Elliot Wave pattern with five swings.

Key Support Levels to Watch

Investors should keep an eye on the $16 support level during pullbacks. If the stock closes below this, it may retrace to around $12.25, with a deeper fall potentially leading to a retest near $9.50. These levels are critical for identifying buying opportunities in the event of a market correction.

The comments, opinions, and analyses expressed here are for informational purposes only.

As of the date this article was written, the author does not own any of the above securities.

Source: Investopedia