NANO Nuclear Energy (NNE) stock shot almost 20% higher on Tuesday after the company announced that they would be included in the upcoming rebalance of the Russell 3000 Index.
The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 96% of the investable U.S. equity market. This index is sometimes referred to as the “total market” index.
Nano Nuclear Energy shares roared to life in early June as headlines framed the company as one of the possible solutions for the exploding energy demand for AI and data centers.
The company is in the early stages of developing micro nuclear reactor (microreactors) power plants. Competitors in the space include Rolls Royse and Westinghouse.
Shares of Nano Nuclear Energy have traded as high as $35 in June before dropping to their recent lows of $6.20.
The stock is currently battling overhead resistance at $10, a price that NNE was unable to break free of in August.
Today’s rally positions the stock just below its 20-day moving average, a trendline often used by short-term traders as a buy and sell signal. A break above that 20-day – currently at $9.25 – would serve as a catalyst for the stock to break above $10 with an intermediate-term target of $15.
Oracle (ORCL) stock is trading nicely today after reporting a good earnings per share upside on its first quarter report last night.
The stock heads into the close, trading $16.50 higher, a gain of 12% for the day.
Oracle posted revenue results of $13.31 billion for year-over-year growth of 6.9%. That compares to last quarter’s revenue results, which grew by 3.3%.
Earnings per share for the quarter came in $0.06 better than analysts’ expectations.
Today’s jump in the stock’s price puts Oracle back in new all-time high territory as the stock surpassed it’s July highs of $146.59.
From a short-term perspective, the stock is now considered overbought and is likely to see profit-taking result in a near-term price at, or below $150.
Last quarter’s bullish outlook rallied shares of Oracle to their highs of $145 before the stock receded to $125 during early August’s pullback in technology stock. We’re likely to see a repeat of that consolidation pattern as stocks make their way through the volatile September trading.
That pullback would serve as an opportunity for long-term investors to open or add to position in the AI service company as the stock remains in a long-term bullish trend.
Exxon Mobil (XOM) stock dropped more than -3.5% on Tuesday as investors reacted to news of potential lower demand for crude oil.
Headlines this morning read that OPEC is lowering its global oil demand growth view for 2024 and 2025. This served as OPEC’s second lowering of demand expectations for 2024.
The reduction in demand expectations comes from the organizations view of China’s economy that they see running into headwinds.
We covered this view of the market on Monday, click here to read the article.
Shares of Exxon Mobile crossed below their 50-day moving average because of today’s decline. That key trendline has recently shifted into a bearish trend as shares head towards a critical test of the 20—day moving average. That trendline currently sits at 109.20.
A break below the 200-day would be a critical failure for XOM shares. The last break below this trendline occurred in October 2023. The following decline would take Exxon Mobile shares 11% lower over the following three months.
Investors should tune in to the stock’s activity at $110. A break below this round-number would immediately put the 200-day moving average in play with a short-term target of $100 for the stock.
That move would also dip the stock into a long-term bear market trend as the its 20-month moving average is currently at $108.
Shares of XOM remain in a long-term bull market trend at risk of shifting into a neutral to bearish outlook.
