Oklo shares soared 22% to a new record high on Monday as investors continue piling into the Sam Altman-backed nuclear energy startup. The stock has more than doubled over the past month due to a growing consensus among analysts that nuclear energy-related companies will benefit from big tech hyperscalers turning to this energy source to power AI data centers. Jacob DeWitte, CEO of Oklo, highlighted the massive demand for power being driven by AI growth in a CNBC interview last week.
He said Google’s recent nuclear deal was “just the tip of the iceberg” for the industry and emphasized the role of nuclear energy in meeting this demand. When asked about the potential for Oklo to sign a deal with OpenAI or announce a similar deal to the one Google made last week, DeWitte responded that there’s “a lot more to come.”
Since breaking out from a falling wedge on above-average volume last month, Oklo’s stock has trended sharply higher. Share turnover has surged in recent trading sessions, indicating strong buying conviction behind the bullish move.
The RSI confirms positive price momentum with a reading above 80, though it also warns of overbought conditions that could lead to near-term declines in the stock. We can forecast a bullish price target by using a bars pattern, a technique that analyzes prior trends on the chart to project future moves.
Nuclear demand driven by AI’s rise
In this case, we extract Oklo’s trending period from September to October and overlay that move from prior support around $16. The analysis forecasts a target of around $35, assuming the stock is following a basic Elliott Wave pattern with five distinct swings. During initial profit-taking periods, investors should keep an eye on the $16 support level.
This area on the chart is well-positioned to find support near a trendline connecting several trading levels between April and October. A close below this level could see the shares retrace to around $12.25, where they may attract buying interest near several peaks and troughs formed on the chart throughout April and May. A deeper fall may lead to a retest of lower support near the $9.50 area, a location just below which bargain hunters could look for buying opportunities around a period of July and this month’s retracement low.
Multiple nuclear stocks traded higher alongside Oklo last week and continued to move higher on Monday, including NuScale Power Corp. which closed Monday up 4.23% and Nano Nuclear Energy Inc. which closed the session up 34.3%.
