1 ChargePoint Stock (NYSE: CHPT) faced resistance near $10.00 and reverted down. 2 CHPT stock struggles to hold the price above the 50-day EMA. 3 CHPT stock struggles to hold the price above the 50-day EMA. ChargePoint stock (NYSE: CHPT) is down by 12% (approx.) on a YTD basis an...
- 1 ChargePoint Stock (NYSE: CHPT) faced resistance near $10.00 and reverted down.
- 2 CHPT stock struggles to hold the price above the 50-day EMA.
- 3 CHPT stock struggles to hold the price above the 50-day EMA.
ChargePoint stock (NYSE: CHPT) is down by 12% (approx.) on a YTD basis and formed a bearish pattern. It showed a minor recovery after testing the 52-week low at $7.22. However, the prices again lacked momentum near $9.00.
ChargePoint Holdings released the previous quarter earnings on June 1, 2023. The company met the EPS and revenue estimates which created a positive hope for the investors. However, the stock prices did not react well and remained calm.
Buyers tried to break the $10.00 hurdle but due to the strong presence of sellers, prices faced rejection and reverted down. Slow and steady, it eroded the previous gains and prices tested the previous lows.
Is ChargePoint Stock under-valued below $10?
ChargePoint stock (NYSE: CHPT) is near to the 52-week low and buyers are trying their best to defend it. Fresh buyers look reluctant to build long positions due to fear of further losses. It shows the dominance of sellers in the CHPT stock.
CHPT Stock is bearish on multiple time frames
CHPT stock is forming bearish patterns on daily, weekly, and monthly time frames. As of now, no signs of trend reversal or recovery are visible. The ChargePoint stock might consolidate for some more time in the range before deciding the next direction.
The MACD curve displayed a negative crossover and reversed down by facing resistance at the zero line. It indicates sellers are more active as compared to buyers. The RSI at 40 sloping down denotes a lack of strength and might test the oversold territory.
Conclusion
ChargePoint stock (NYSE: CHPT) is trading near a 52-week low and no signs of recovery are visible. The technical analysis suggests CHPT stock price is likely to remain in bear grip till it trades below $10.00.
Technical levels
- Resistance levels: $10.00 and $10.73
- Support levels: $7.23 and $7.00
Disclaimer
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