Argan (AGX) stock surged 6.05% on Monday, as the energy service provider to data centers continued its impressive rally and neared a potential buy point.
The company's expertise in providing power and engineering solutions to data centers has positioned it as a key beneficiary of the booming artificial intelligence (AI) industry. With AI computations requiring massive amounts of energy, demand for Argan's services is expected to remain robust.
Argan stock is currently forming a new cup base pattern, with a buy point of $165.33. The stock reached an all-time high in late November before pulling back, providing an opportunity for investors to accumulate shares ahead of a potential breakout.
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