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Nel ASA share: The price rocket threatens to burn out, but … – Chart analysis

New momentum for the Nel ASA share: The recent breakout of the hydrogen share above the technical resistance at 30.21 / 30.72 Norwegian kroner (NOK) not only prevented a potential top formation for the hotly hyped cleantech stock, but also one new buy signal generated. With the technical impulse behind him, Nels share price on the Oslo Stock Exchange rose in the last two trading days to yesterday’s peak of 35.15 NOK – a new all-time high. At 34.57 NOK it was a little below that from trading, an increase of 5.33 percent on the previous day’s closing price.

In terms of the chart, the upward movement of the Nel ASA share is steep, which is not without clear risks, but is still intact. It remains to be seen whether the usual profit-taking before a weekend is an indicator of an imminent downward trend. One thing is certain: With the continuation of the bull market, the potential fall height for Nels share price will also increase, if the momentum does dwindle and profit-taking takes over. Just for comparison: at the end of September 2020 you could get the title for around 15 NOK, so the share price has more than doubled since then. The 200-day line is currently, with an upward trend, at NOK 19.06, which is well below the all-time high reached on Friday.

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