The consolidation of Nel ASA shares is still not over. It is true that the share price of the Norwegian hydrogen group is currently close to the daily high at 1.724 euros and noticeably above today’s daily low, quoted on the Frankfurt Stock Exchange at 1.68 euros. But the share price is currently a long way from the buy signals that some had hoped for in the popular trading stock. After all: The small intermittent slide under the technical chart support at 1.69 / 1.72 euros was caught. Except for more than 1.74 euros it has not gone up today – that is far too little for the Nel share to pull itself out of the swamp of consolidation.
Nevertheless, there are still chances of a swivel into the next upward movement for the hydrogen share – but there are also risks that it will go noticeably down again. We recently outlined the prerequisites for a new bullish momentum in the 4investors chart checks. Nothing has changed at the signal marks: If Nels share price succeeds in a stable rise above 1.771 / 1.810 euros in the near future, this would probably be the end of the consolidation trend in terms of chart technology. In this scenario, the way towards the next resistance zones at 1.88 / 1.91 euros and around 1.934 / 1.952 euros could be free. The 20-day line in the Nel share chart, currently at 1.907 euros, could become additional resistance. Furthermore, in this bullish scenario, additional buy signals at these brands could then pave the way towards the broad top zone, which extends around 2.11 / 2.19 euros.
However, in view of the weakness that Nels share price has shown again today, the risks of possible sell signals and a further decline in price should not be ignored. The area at 1.68 / 1.69 euros could be the key area here in the short term. Chart technical support can still be found for the Nel share in the event of a slide below this at around 1.586 / 1.631 euros, and with further sell signals, above all at the strong barrier between 1.465 / 1.485 and 1.539 euros.