Slowly but surely, the Ballard Power share can pull itself out of a dangerous zone in terms of chart technology. Most recently, the Canadian fuel cell group’s stock price had dropped from $ 21.61 to $ 13.82, actually falling below important support levels between $ 14.58 / 14.64 and $ 14.20. But the quick counterattack of the bulls sat and made the Ballard Power share climb again to yesterday’s peak of $ 15.35. Sell signal neutralized – at least for now. Today, the US stock market looks positive for the company’s share price: the indications are currently hovering around $ 15.70.
In terms of chart technology, however, one should not be drawn to the illusion that the counterattack of the last three trading days has already brought Ballard Power shares back into safe territory. After the $ 14.58 / 14.64 rebreak, further pro-cyclical buy signals have so far failed to materialize. While the area above $ 13.84 is now a chart support mark, the first obstacles are between $ 15.92 / 16.00 and $ 16.35 / 16.55. Buy signals at these brands could then bring clear trend reversal fantasy to the short-term chart of the Ballard Power share.