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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Hurricane Harvey has dissipated, but one of the most popular hurricane stocks continued its bullish momentum on Tuesday.
With Hurricane Irma now a category 5 storm and Tropical Storm Jose right on its heels, traders are betting that there could be more demand for Generac Holdings Inc. (NYSE:GNRC) power generators in the weeks ahead.
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Irma Isn't expected to make landfall in the U.S. until possibly this weekend, leaving several more days for traders to gage the situation and potentially trade news of the storm. Generac shares were up another 3.4 percent on Tuesday and are now up more than 10 percent in the past five trading sessions.
Generac is one of the most weather-sensitive stocks in the market, and it’s not just hurricanes that impact the generator business. Generac hit its all-time high of $62.50 back in March of 2014 after one of the coldest winters in history provided a shot in the arm for the generator business.
Related Link: How Hurricane Harvey Has Impacted Gas Prices
If the stock follows the same pattern it did prior to Harvey’s landfall, the share price is only headed higher from here. Generac stock spiked 6.6 percent on August 24 and 25, the two days prior to landfall.
With maximum sustained winds of 180 mph, traders see the potential for widespread power outages from Irma as well.
From a technical standpoint, Generac is approaching major resistance at around $43 that knocked the stock back down earlier this year. However, if Irma pushes the stock above $43, the momentum could propel the stock to its next potential resistance level of around $50 that served as its high point of 2016.
Joel Elconin contributed to this story.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.