Sky Quarry Inc. (NASDAQ:SKYQ) shares are trading significantly higher during Tuesday's premarket session. The move follows a period of intense volatility for the recycling and refining firm.

Nevada Supply Strategy Fuels Interest

The recent momentum stems from developments at the Foreland Refinery. Sky Quarry previously announced talks with Nevada crude producers to bolster local output.

Geopolitical Tensions Impact Energy Sector

Market sentiment remains tethered to geopolitical deadlines. President Donald Trump set a Tuesday deadline regarding Iran's energy infrastructure. “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one,” Trump posted on Truth Social.

Rebound Following Monday Cool Off

The premarket surge marks a reversal from Monday's retreat. SKYQ shares previously underwent a cool off phase after a massive 101% rally on Thursday. As a development-stage company, Sky Quarry focuses on recycling waste asphalt shingles into refined products like Diesel and Naphtha.

Broader Market Context

The spike occurs as Nasdaq futures shed 0.58% and S&P 500 futures fell 0.43%. While the 10-year Treasury yield holds at 4.33%.

Brent crude futures swung around the $110-per-barrel mark on Tuesday, according to Trading Economics.

Technical Analysis

At $6.71, SKYQ is trading 128.2% above its 20-day simple moving average (SMA), the stock's average price over the last 20 sessions. It's 136.6% above its 100-day SMA.

The moving average convergence divergence (MACD), a trend/momentum measure, is bullish with the MACD line at 0.1956 above the signal line at -0.0121. The stock's 50-day SMA remains below the 200-day SMA.

  • Key Resistance: $7.50
  • Key Support: $6.00

SKYQ Stock Price Activity: Sky Quarry shares were up 37.60% at $6.88 during premarket trading on Tuesday, according to Benzinga Pro data.

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