The Nel ASA share is currently not so easy to push. Despite some positive headlines in the stock market media over the last few days, the share price of the Norwegian hydrogen company has fallen into a weak phase time and again. Since Thursday, however, it has become clear that the area around the 20-day line for Nels share price is to be viewed as technical support. On Thursday, the paper rebounded upwards from here, after a daily low at 1.672 euros, it closed trading on the Frankfurt stock market at 1.749 euros. After the Nel ASA share did not advance further at the 1.80 mark on Friday and also this morning, the next phase of weakness comes: This time it goes down to 1.69 euros and again Nels share price turns around the EMA 20 (1.674 euros) upwards. The hydrogen share is currently listed at EUR 1.741.
Our latest technical conclusion on the Nel share remains unchanged: The area around 1.659 / 1.680 euros remains an important support level for the share price of the Norwegian company. The course since Thursday shows this clearly. However, a look at the chart of the Nel share also shows that the resistance areas between EUR 1.783 / 1.800 and EUR 1.820 / 1.825 continue to play a central role in the short-term price trend for the hydrogen share. The paper has to go over here.
So far, the downward movement of the last few days has not caused any huge technical damage to the Nel share. But if the notoriously volatile paper does not get out of its consolidation movement promptly and shifts the focus back towards the all-time high of 2.195 euros, the paper could wobble again as it did before. Further sell signals could then target the broad support zone around the EMA 200 at currently 1.484 euros. The zone can be found at 1.485 / 1.539 euros. Below that, the most recent correction low at 1.342 / 1.376 euros would be another possible target.