First the good news about Ballard Power shares: The share price of the Canadian fuel cell group, which fell sharply yesterday, is stable in the early US pre-market. Now the bad news: This does not mean that the risk of further technical sell signals is off the table, after Ballard’s share price on the NASDAQ closing price had plummeted by more than 10 percent to $ 13.93 yesterday. The daily low at $ 13.75 was even slightly below the chart technical support level at $ 13.78 / $ 13.82, which after the rally to $ 21.61 had a decisive impact on the sale of the consolidation. Incidentally, the indication for the Ballard Power share is currently quoted at $ 14.10, but is still of limited informative value.
In terms of chart technology, it is now crucial: Can Ballard’s share price develop a multiple low at 13.75 / 13.82 dollars? That would be a basis for a recovery movement. Between 15.24 / 15.41 dollars and 15.58 / 15.90 dollars, the first technical chart hurdles would then be found for a possible upward movement. Or is the Canadians’ share price falling steadily below the technical support? That would be a clear and important sell signal for Ballard’s shares. This does not change that around 13.15 / 13.27 dollars and 12.54 / 12.87 dollars further smaller supports may come into play – the downward consolidation trend would then be confirmed for the time being.