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Nel ASA share: In the clutches of drama at Nikola – chart analysis

Another chaos at the US partner Nikola puts the Nel ASA share under pressure again this morning. The share price of the Norwegian hydrogen company is currently losing 2.34 percent of its value and is listed on the Frankfurt Stock Exchange in early trading at 1.48 euros. That GM could abandon the recently negotiated deal with Nikola in the “worst case” and that Negotiations between Nikola and GM are being extended, is likely to be the most important factor in morning loss. Most recently, Nels share price fell from the all-time high of 2.195 euros to 1.342 euros, mainly due to the fraud allegations against US partner Nikola.

In the meantime, Nels share price was able to recover with technical buy signals and yesterday rose to a peak of 1.618 euros, but the recent problems at Nikola and the failed capital increase at Nel – a consequence of the price slide – have destroyed the potential trend reversal scenario. Instead, the title is now under pressure again.

For the time being, the support zone at the “Nikola crash low” at 1.342 / 1.376 euros, together with the 200-day line just above it at 1.445 euros, remain on the bottom side, which are decisive in terms of chart technology. Towards the top, technical chart obstacles between 1.618 / 1.630 euros and 1.665 / 1.680 euros form the counterpart. At 1.485 / 1.500 euros and 1.539 euros and around 1.569 / 1.586 euros, smaller signal marks can be seen within this trading range that has developed in the last few days, but these are not likely to be of decisive importance for the trend in the Nel share in the short term.

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