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Ballard Power share: Are there real problems here? – Chart analysis

In the US, Ballard Power stock is under a lot of pressure today. Current indications are $ 16.54 after yesterday’s NASDAQ closing price at $ 18.10. If this movement is also confirmed in “regular” trading on the US stock exchange, this would be a thicker chart-technical sell signal for the fuel cell share after the recent weaker days.

There are two factors to consider here. For one thing, Ballard’s share price broke out of a pennant formation yesterday. Given the formation, some chart-oriented traders had apparently bet on a bullish end to consolidation on Ballard Power stock – that didn’t work out, which created additional selling pressure. In addition, the share price of the Canadian group with the pre-exchange indications falls below a chart technical support level at $ 17.34 / 17.58.

This clears the air once again: At $ 16.35 / 16.55 there is still an open gap from the latest price rally that is currently in focus. At $ 15.74 / $ 15.99 there is no additional support zone. Further sell signals at this mark then drop in the direction of the strong technical support zone between $ 14.20 and $ 14.58 / 14.64. Hold support brands, but the volatile fuel cell stock could also swiftly turn back into a price recovery from the downward movement, around the $ 19 mark and between $ 19.68 / 19.77 and $ 19.93 / 20.30 first obstacles.

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