Resistance

Time

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Evgo Stock Price (NASDAQ: EVGO) is down by around 30% from the recent swing high.</a> </li> 
 <li> <span>2</span> <a>Shares of Evgo Inc. eroded the previous gains generated after the release of earnings.&nbsp;</a> </li> 
 <li> <span>3</span> <a>EVGO stock drops below the 50-day EMA showcasing downtrend.</a> </li> 
</ul> 
<p>Evgo stock price (NASDAQ: EVGO) corrected 30% (approx.) from its recent swing high. If facing a sharp rejection from the $6.00 and declining by forming lower low candles.&nbsp;</p> 
<p>Evgo Inc. stock tried to reverse the short-term trend but the 200-day turned out to be a strong hurdle. Presently, the prices also dropped below the 50-day EMA indicating sellers had taken over the control.&nbsp;</p> 
<p>In the past few months, EVGO stock consolidated in the range of $3.50 to $4.70. It formed a strong base and absorbed the previous sell-off.&nbsp;</p> 
<p>Evgo Inc. released the previous quarter’s earnings on August 2, 2023. It beats the EPS estimate by 68.09% and the revenue estimate by 71.62%. Due to this, Evgo stock witnessed a wild short squeeze and prices surged up 21% in a single day.&nbsp;</p> 
<p>At the same time, the buying volume also increased which created hope for trend reversal.&nbsp;</p> 
<p>But the up move was temporary and buyers failed to give the follow-up momentum. Egvo <a href="https://www.thecoinrepublic.com/2023/07/24/evgo-stock-will-evgo-stock-price-recover-ahead-of-earnings/" target="_blank" rel="noopener noreferrer nofollow">stock price </a>closed the previous session at $4.10 with an intraday rise of 1.44%.</p> 
<h2 class="wp-block-heading" id="strong-evgo-stock-is-recovery-possible-in-the-next-month-strong"><strong>Evgo Stock: Is recovery possible in the next month?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/nfYRZqAgl-TKp-J3ppxAE-bwtmI7kqqemhx8Dnf89znCVBz8T5TYOMb-izhpjOf6e0wEXhMERXc-dBq06-J6Rriqv2fslATQlXFUsQOxs8jcQRMqNJwsoR_eDLpWa5l5hddN9kefZXGCjdpK1y7scg" alt="Evgo Stock: Get ready for the next Short squeeze in Evgo Inc stock"> 
  <figcaption class="wp-element-caption">
    NASDAQ: EVGO daily chart&nbsp; by <a href="https://www.tradingview.com/x/BT4TWofl/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>Evgo stock price (NASDAQ: EVGO) witnessed a massive sell-off and returned back to the breakout level. Prices have corrected a lot so a minor pullback rally or narrow-range consolidation is possible.&nbsp;</p> 
<p>Till the EVGO shares hold the $3.42 support the probability of a short squeeze is high. However, the prices look oversold and bears are also getting weak in the demand zone.&nbsp;</p> 
<p>Therefore, short-term recovery is possible in the next month. The technical analysis suggests Evgo stock is in a correction phase and might test a 52-week low before showing a recovery.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-evgo-inc-is-bearish-on-monthly-time-frame-strong"><strong>Evgo Inc is Bearish on Monthly Time Frame</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp; 
 <div id="tradingview_4e6b1"></div> &nbsp;&nbsp; 
 <div class="tradingview-widget-copyright"> <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a> 
 </div> &nbsp;&nbsp; 
 <script type="text/javascript" src="https://s3.tradingview.com/tv.js"></script> &nbsp;&nbsp; 
 <script type="text/javascript">

  new TradingView.widget(

  {

  "width": 950,

  "height": 500,

  "symbol": "NASDAQ:EVGO",

  "interval": "D",

  "timezone": "Etc/UTC",

  "theme": "dark",

  "style": "1",

  "locale": "en",

  "enable_publishing": true,

  "allow_symbol_change": true,

  "studies": [

    "STD;Supertrend"

  ],

  "container_id": "tradingview_4e6b1"

}

  );

  </script> 
</div>  
<p>Evgo Inc. is highly bearish on a monthly time frame. It formed a long-tail inverted hammer candle and dragged the prices down to $4.00. The MACD curve displayed a negative crossover indicating bearishness.&nbsp;</p> 
<p>But, the curve still holds the zero line and buyers are trying their best to rebound. The RSI 42 denotes sellers are more active and prices might reach the oversold territory soon.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Evgo stock price (NASDAQ: EVGO) is in a correction phase and fell about 30% from the recent high. However, the prices are near to the demand zone and a short-term pullback rally is possible.</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li>Resistance levels: $5.00 and $5.90</li> 
 <li>Support levels: $4.00 and $3.50</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Evgo Stock: Get ready for the next Short squeeze in Evgo Inc stock

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Thecoinrepublic.com

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