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Nel ASA share: are the bears trapped now? – Chart analysis

The past few days have been tough for shares in Norwegian hydrogen company Nel ASA. After the share price slide from the all-time high of 2.195 euros to 1.347 euros – the Nikola scandal played an important role here – it initially went back up to 1.979 euros. But the next downward movement caught the Nel share already well below the all-time high. Today it has reached a new low at 1.560 euros.

But now it looks better again. Nels share price is currently quoted at 1.626 euros at the daily high and has reduced the interim loss to 0.85 percent on yesterday. The candlestick chart of the Nel ASA share shows a potential trend reversal pattern that could spark the imagination. If the hydrogen share can now establish itself again above a technical chart support zone between EUR 1.586 and EUR 1.630, a bear trap could be set up. It’s not quite there yet, and Nels share price would then have to overcome further hurdles between 1.650 / 1.659 euros and 1.672 / 1.680 euros.

But be careful: only when this succeeds, the technical chart situation for the paper clears up significantly. If the bullish counterattack does not take place, the short-term trend would continue to point downwards with the risk that the stock will be passed towards 1.485 euros and 1.44 / 1.45 euros. Not far below that, the correction low at 1.342 / 1.376 euros would be the next possible technical target for the Norwegian hydrogen share.

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