Sky Quarry Inc (NASDAQ:SKYQ) shares jumped on Friday. This move extends a massive multi-day surge. The stock has gained over 200% in early April.
Nasdaq futures are up 0.12% while S&P 500 futures have gained 0.05%.
Nevada Refinery Gains Strategic Importance
The momentum stems from the growing importance of the company’s Foreland Refinery. Tightening regional fuel capacity has turned eyes toward Nevada. Sky Quarry previously announced talks with local crude producers.
These discussions aim to bolster local output during a global energy supply crunch.
Geopolitical Tensions Impact Energy
Market sentiment remains tethered to international developments.
On Friday, President Donald Trump escalated his rhetoric regarding the Strait of Hormuz. He accused Iran of failing to uphold ceasefire-related expectations.
“Iran is doing a very poor job, dishonorable some would say, of allowing Oil to go through the Strait of Hormuz,” Trump said on Truth Social. “That is not the agreement we have.”
Crude oil futures were trading higher in the early New York session by 2.31% to hover around $100.13 per barrel.
Technical Analysis
At $7.87, SKYQ is trading 114% above its 20-day simple moving average (SMA), the stock’s average price over the last 20 sessions. It’s also trading 155.9% above its 100-day SMA.
The relative strength index (RSI), a momentum gauge, is 77.79 after entering overbought territory on Wednesday.
- Key Resistance: $9.00
- Key Support: $3.50
SKYQ Stock Price Activity: Sky Quarry shares were up 7.96% at $7.87 during premarket trading on Friday, according to Benzinga Pro data.
Photo Courtesy: Love You Stock on Shutterstock.com
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