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Nel ASA share: price rocket with new buy signal, but … – chart analysis

The bull market in Nel ASA shares never ends. Yesterday, the hydrogen share reached a new all-time high on the Oslo Stock Exchange at 33.00 Norwegian kroner (NOK), and at 32.82 NOK it was only marginally lower. Just for comparison: Since the price of 22.01 NOK on December 4, 2020, the share price of Nel ASA has gained around 50 percent in value. The plus is even more pronounced compared to the striking local low at the 15 mark, which was seen on the Oslo stock exchange in the second half of September 2020.

In terms of the chart, a new buy signal was added yesterday, which has confirmed the recently increasingly steep upward movement of the Nel ASA share. This meant that any speculation that the Nel share could achieve a top formation in the NOK 30.21 / 30.72 range and subsequent profit-taking was off the table for now. Given the strong profits, traders should keep an eye on such an option. The zone between NOK 28.96 and NOK 29.49 together with NOK 30.21 / 30.72 is the first important chart-technical support area for Nels share price. A slide below this could cause the hydrogen share to take course to the zone at the 25/26 mark. The first technical support would then be expected, especially around NOK 26.20 and at NOK 25.00 / 25.40.

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