From a technical chart point of view, the Nel ASA share is still in an unbroken short-term upward trend. But the air is getting thinner for the hydrogen share, as the last few days have shown. After the rise to 2.09 euros, which was reached on August 26, potential bearish chart formations have formed. This is accompanied by a volatile price development for the Nel share, which has fluctuated between EUR 1.917 / EUR 1.936 and EUR 2.051 / EUR 2.090 in the last few days. This morning the Norwegian company’s share price on the Frankfurt Stock Exchange is slightly up at EUR 2.031.
In terms of chart technology, two factors remain decisive: On the one hand, the short-term rally movement, which is embedded in an overarching upward trend that has shaped the picture of the Nel ASA share since the Corona crash low. However, the hydrogen title has not yet succeeded in attacking the previous all-time high of July 13, 2020 at 2.193 euros and thus the top of this overarching upward trend. On the other hand, the chart technical resistance zone around 2.08 / 2.09 euros shapes the picture. Together with 2.14 / 2.15 euros, there are the last hurdles before a test of the all-time high at 2.193 euros.
It remains with the latest technical chart conclusion on the Nel share: A stable breakout over the zone would be a new buy signal for the hydrogen share, with which the overriding upward technical chart setup would be confirmed. If this does not succeed, however, the pressure increases – this can also happen at short notice. A slide below 1.87 / 1.89 euros is enough to let the situation tip over and trigger significant profit-taking in the Nel share.