Just like when the recent lithium frenzy saw the Running Hot list populated by junior lithium plays, this week saw ASX uranium stocks make their move.

But it was the $6.5m oil & gas minnow Grand Gulf Energy (ASX:GGE) which ran hottest this week with an RSI of 92.

Each week, Stockhead recaps ASX stocks that are “running hot” as deduced by the Relative Strength Index (RSI).

The RSI is a technical gauge which measures how trading momentum is affecting the price action.

A reading of 70 is seen as the level at which a company may have been overbought. If a stock has a reading of 30 or below, it could be undervalued.

Click here for a more detailed rundown of what the RSI does and how it’s used.

While there’s usually a pretty good reason if a given stock is running hot (or cold), investors are also on the lookout for opportunities where the price action has separated from fundamentals.
 

Running Hot

Here’s a summary of the stocks that were running hot for the two weeks ended Friday, September 3:

Scroll or swipe to reveal table. Click headings to sort.

Code Company Price RSI MktCap$
GGE Grand Gulf Energy 0.0195 92 $ 6,523,741.13
PAM Pan Asia Metals 0.505 91 $ 27,097,615.22
MHI Merchant House 0.098 88 $ 9,238,116.61
ID8 Identitii Limited 0.185 86 $ 26,613,437.38
UUL Ultima Utd Ltd 0.72 83 $ 45,450,664.88
SLX Silex Systems 1.53 83 $ 240,677,497.81
92E 92Energy 0.455 82 $ 12,210,900.31
PDN Paladin Energy Ltd 0.7775 82 $ 1,687,071,374.73
AFR African Energy Res 0.041 82 $ 28,155,135.83
EL8 Elevate Uranium Ltd 0.445 80 $ 99,277,286.01
MGL Magontec Limited 0.345 78 $ 25,320,639.30
LOT Lotus Resources Ltd 0.2475 77 $ 215,805,766.95
DYL Deep Yellow Limited 0.94 77 $ 280,995,174.30
GBR Greatbould Resources 0.16 75 $ 62,172,432.00
BMN Bannerman Energy Ltd 0.2125 75 $ 240,963,555.60
IKW Ikwezi Mining Ltd 0.68 75 $ 27,641,982.32
GES Genesis Resources 0.017 74 $ 8,611,254.23
AGE Alligator Energy 0.045 74 $ 108,559,372.78
TOE Toro Energy Limited 0.023 73 $ 77,946,843.60
TIG Tigers Realm Coal 0.014 73 $ 156,800,428.42
VAL Valor Resources Ltd 0.014 70 $ 32,437,145.60
TTA TTA Holdings Ltd 0.054 70 $ 8,382,828.01
BCB Bowen Coal Limited 0.1725 70 $ 218,192,393.16
LPD Lepidico Ltd 0.0265 70 $ 147,650,355.86

The catalyst for last week’s uranium boom was the ongoing strength in spot uranium prices, which have pushed back past $35/lb for first time in six years.

However, shares in GGE outperformed as the stock jumped by more than 40% on both Thursday and Friday on a surge in volumes.

Those gains followed news it had acquired Kessel Resources Pty Ltd, an Australian company with an interest in Helium operations in Utah, USA.

If you want to know why helium is another resources buzzword for investors, here’s one reason.

The share-based deal will be subject to a $3.3m capital raise, with “firm commitments already received”, GGE said.

The transaction will add a “significant helium exploration opportunity to Grand Gulf’s existing cash-flow positive oil and gas portfolio”, the company said.

Merchant House (ASX:MHI), a Hong-Kong based footwear manufacturing company, also ran red-hot after its share price rose consistently over the last two weeks on no news and low volumes.

Another stock to run hot was Pan Asia Metals (ASX:PAM), which saw its share price rocket by more than 100% in a day last week after joining the geothermal lithium party.

Regulatory technology company Identitii (ASX:ID8), which makes compliance software for financial institutions, posted a red-hot RSI of 86.

Since closing at 7c on August 20, shares in ID8 have more than doubled to close on Friday at 20c. In that time, ID8 released its full-year results, advised that it’s pursuing additional patents in the US and flagged the release of an updated SaaS platform to help facilitate AUSTRAC compliance.

And nanocap electronics retailer TTA Holdings (ASX:TTA) also made an appearance on this week’s list, after its stock price surged during Thursday trade in price action that may have been influenced by ‘pump and dump’ traders.
 

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, September 3:

Scroll or swipe to reveal table. Click headings to sort.

Code Company Price RSI MktCap$
KEY KEY Petroleum 0.0025 30 $ 4,919,820.32
IDX Integral Diagnostics 4.43 29 $ 878,606,527.05
ZNO Zoono Group Ltd 0.485 29 $ 77,602,972.29
NGS NGS Ltd 0.2 29 $ 9,601,798.50
APV Appsvillage 0.036 29 $ 3,871,394.93
MRR Minrex Resources Ltd 0.014 29 $ 8,372,055.83
NTL New Talisman Gold 0.0025 28 $ 6,980,563.41
PG1 Pearl Global Ltd 0.029 27 $ 13,945,691.46
TGA Thorn Group Limited 0.19 27 $ 66,279,000.45
MVP Medical Developments 3.5 27 $ 252,989,585.60
PVL Powerhouse Ven Ltd 0.075 26 $ 7,105,738.20
RNX Renegade Exploration 0.005 22 $ 5,277,759.83
EDE Eden Inv Ltd 0.017 21 $ 35,455,293.43
MGX Mount Gibson Iron 0.5725 21 $ 671,208,857.07
CII CI Resources Limited 1.01 21 $ 121,360,162.35
JAL Jameson Resources 0.08 20 $ 24,266,551.20
SIT Site Group Int Ltd 0.008 18 $ 7,571,206.14

Among the stocks running cold this week was antibacterial technology company Zoono Global (ASX:ZNO).

Shares in ZNO hit a high of over $3 in July last year as the company moved quickly to address the post-COVID surge in demand for disinfectant products.

But the stock has declined steadily since then and closed on Friday at 47.5c.