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Key Takeaways
- Shares in Oklo remain in focus after soaring last week as the Trump administration made nuclear energy a focal point in recent trade talks.
- After breaking out from a textbook ascending triangle early last week, the price accelerated higher, signaling a continuation of the stock’s long-term uptrend. The relative strength index confirms strong price momentum, though the indicator has climbed to a reading that has preceded prior consolidation periods.
- Bars pattern analysis projects a potential upside price target of around $410 and indicates the the trend could last until mid January next year.
- Investors should watch major support levels on the chart near $85, $70 and $58.
Shares in nuclear reactor developer Oklo (OKLO) remain in focus after soaring last week as the Trump administration made nuclear energy a focal point in recent trade talks.
During President Donald Trump’s state visit to the U.K. last week, he and British Prime Minister Keir Starmer signed a multibillion-dollar deal to expand nuclear power across both nations. Oklo sits well positioned to benefit from the agreement, which aims to speed up the construction of new reactors and provide reliable, clean energy to power AI data centers.
Oklo shares gained 64% last week and have surged about 500% since the start of the year, boosted by growing demand for energy to power AI and a recent U.S. Air Force contact win. The stock was down 8% at $124 in early trading Monday.
Below, we take a closer look at the technicals on Oklo’s chart and identify price levels worth watching out.
Breakout From Ascending Triangle Accelerates
After breaking out from a textbook ascending triangle early last week, Oklo shares shot higher, signaling a continuation of the stock’s long-term uptrend.
Importantly, Friday’s rally registered the highest trading volume since late May, suggesting larger investors participated in the buying.
Meanwhile, the relative strength index confirms strong price momentum, though the indicator has climbed to a reading that has preceded prior consolidation periods.
Let’s project how a move higher on Oklo’s chart may play out and also identify major support levels worth watching during pullbacks.
Upside Price Target
Investors can use bars pattern analysis to project where Oklo’s trending move higher may be headed next.
When applying the analysis, we extract the stock’s uptrend from October to February and reposition it from the low of Friday’s rally. This forecasts a possible upside price target of around $410 and indicates the move may last until mid-January next year if a comparable trend emerges on the chart.
We selected this earlier trending period as it followed a bullish wide-ranging day, similar to Friday’s move.
Major Support Levels Worth Watching
During retracements in the stock, investors should keep tabs on the $85 level. Pullbacks into this area would likely attract buying interest near the ascending triangle’s top trendline.
A close below this level could see the shares fall to around $70. This location may provide support near a series of corresponding trading activity on the chart between June and September.
Finally, further selling may trigger a steeper decline to the $58 level. Investors who are seeking lower entry points could place buy orders near a trendline that connects prominent highs on the chart in February and May.
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As of the date this article was written, the author does not own any of the above securities.
