Westwater Resources shares have traded in bullish momentum from the start of October rallying nearly 500% amid an 8-day win streak to close at highest price in 18 months.
The stock price of Westwater Resources, Inc. (WWR) has been enjoying quite a bullish rally followed by the company’s credence upon President Trump’s Executive Order signed on September 30, 2020, that warns the U.S. domestic supply chain from dependence on critical minerals from foreign adversaries.
Shares of Westwater surged over 49% in Tuesday’s morning session trading around $12 mark, touching a new 52-week high of $12.90.
As we write this, WWR was trading at $9.55 up by 15% before kicking off the trading session on Wednesday at $12.50. At 9:40 A.M. EDT, WWR was trading at day’s highest at $13.65, which was also its highest price seen during regular trading hours since November 2018.
The continuous rise in WWR shares price sums up a ninth-straight gain that marks the longest win streak since the 10-day stretch that ended Dec. 1, 2010.
The stock jumped to almost 90% in yesterday’s trading session passing the $8 price mark, reaching the day’s highest of $8.76. This completed the eighth-straight session to the highest closing price since April 2019.
Before closing the last trading session on Friday, WWR pushed to 49.3% on a volume of 101.7 million shares, after jumping 17.9% on 29.4 million shares the day before.
The bullish run of Westwater continues as the company looks positive regarding President’s recent executive order supporting the development of the U.S. supply of graphite.
The U.S. heavily depends on China for its graphite supply and the stance of President Trump against Chinese imports has been very clear in the past. The latest executive order will counter the threat against the domestic supply of critical minerals from foreign adversaries.
The Chief Executive Officer of Westwater, Christopher Jones stated:
“The President’s Executive Order opens up new avenues for financing and permitting our Coosa Graphite Project — this is good news for Westwater Resources and the United States.”
The President’s declaration brings a notable opportunity for Westwater and its Coosa Graphite Project as the company intends to work on the development of Coosa Graphite Deposit in east-central Alabama. This project based in Alabama will cover the U.S. domestic supply for natural graphite for use in all types of batteries.
The company anticipates that the Coosa Graphite Project will meet its initial goal over the next two and a half years.
Westwater Resources, Inc. (WWR) is fully focused as it evaluates the President’s order, and how to reach out to specified government agencies to get the official permit for its Coosa Graphite Project in Alabama.