Rare Earth Elements Exploding (REE, MCP)

Shares of rare earth miners Rare Element Resources (NYSE: REE) and Molycorp (NYSE: MCP) are undergoing huge price advancements in today's trading session. The tone was set early as both stocks started in the positive territory and have been steadily ascending throughout the day.

Rare Element Resources is holding an 8% gain. The company is currently trading at $13.18, setting its intraday high at $13.50. This name looks good if it can hold over $13.50 as technical indicators are pointing toward a move to the upside in the near term.

After bouncing off of its 20- and 50-day moving average in yesterday's trading session, the stock briefly advanced past its three-week high of $13.44. Additionally, the 20-day moving average looks to be making a bullish cross over its 50-day EMA on the daily chart very shortly, with no real resistance shown until $15.10.

Molycorp is currently trading at $59.20, up 6.7% on the heels of an upgrade from J.P. Morgan, which raised its price target on the equity from $66 to $74. The stock has broken its six-week high, which was set in yesterday's session. The company's 52-week high, which was set back in January, looks to be in its sights.