Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>EVGO stock price corrected approximately 30% from the recent swing high at $5.95.</a> </li> 
 <li> <span>2</span> <a>EVGO Inc. shares faced rejection from the 200-day EMA and also dropped below the 50-day EMA.</a> </li> 
 <li> <span>3</span> <a>EVGO stock price is training near its 52-week low. </a> </li> 
</ul> 
<p>EVGO stock price (NASDAQ: EVGO) corrected more than 30% from its recent swing high at $5.95. It formed a bearish pattern and eroded the previous gain.&nbsp;</p> 
<p>EVGO stock price faced sharp rejection from the 200-day EMA and showed a steep fall. It also dropped below the 50-day EMA indicating that the trend is still downward.&nbsp;</p> 
<p>Evgo Inc. released the previous quarter’s earnings on&nbsp; August 2, 2023. The company beats the EPS estimate by 68.09% and the revenue estimate by 71.62%. Due to this EVGO’s stock price reacted positively and showed a sharp rise of&nbsp; 21.70% in a single day.&nbsp;</p> 
<p>However, the up move was temporary and buyers failed to give the follow-up momentum. Slow and steady prices declined by forming lower lows and returned back to the breakout level.&nbsp;</p> 
<p>Previously, $EVGO stock price has consolidated in the range between $3.50 to $4.70. After the release of earnings prices broke the higher range but sellers were too aggressive in the supply zone. Due to that prices again reverted down.&nbsp;</p> 
<p>EVGO stock price closed the previous session at 4.07 with an intraday rise of 1.24%. The market capitalization stands at $1.22 Billion.</p> 
<h2 class="wp-block-heading" id="strong-will-evgo-stock-price-recover-in-september-strong"><strong>Will EVGO Stock Price Recover in September?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/3p5EDimajKNZBPtxTkOPVXJY8_uDnpkajTieT_jIIaTleV9H-CIXHrKfHoCnhbgR5e6IlSC32MdTGZjsVTRGCjW1M1uEqLxe6VIkSo5aqBZsQOxWmtHBmmWKtBan0_kQ9KHiaH5TZfbwjGzyaGCNM-E" alt="EVGO Stock: Will EVGO Stock Able to Defend 52-Week Low?"> 
  <figcaption class="wp-element-caption">
    NASDAQ: EVGO daily chart by <a href="https://www.tradingview.com/x/gVr3kQgO/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>EVGO stock price is in a correction phase and bears continuing their dominance. Buyers are active near $4.00 but failing to reverse the short-term trend. Till the EVGO share price trades below $5.00, the prices are expected to remain in bear grip.&nbsp;</p> 
<p>Any short-term pullback will face difficulty until some fundamental changes are visible in the company’s financials. Presently, the prices are near to the long-term demand zone so a minor bounce is possible. But the reliability of bounce will remain doubtful.&nbsp;</p> 
<p>The technical analysis suggests <a href="https://www.thecoinrepublic.com/2023/08/23/evgo-stock-get-ready-for-the-next-short-squeeze-in-evgo-inc-stock/" rel="noopener noreferrer nofollow">EVGO’s stock</a> is in bear grip and the probability of recovery in September remains low.</p> 
<h3 class="wp-block-heading" id="strong-evgo-stock-price-fell-for-3-consecutive-weeks-strong"><strong>EVGO Stock Price Fell for 3 Consecutive Weeks</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp; 
 <div id="tradingview_e85ef"></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,

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  "studies": [

    "STD;Supertrend"

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</div>  
<p>EVGO stock price fell for 3 consecutive weeks and formed a bearish pattern. However, the broader market indices like Dow Jones and S&amp;P are recovering so it may positively impact <a href="https://www.thecoinrepublic.com/2023/08/23/evgo-stock-get-ready-for-the-next-short-squeeze-in-evgo-inc-stock/" rel="noopener noreferrer nofollow">$EVGO</a>. However, at present no strong signs of recovery are visible.&nbsp;</p> 
<p>The MACD curve slipped below the zero line indicating mild bearishness. The RSI curve at 48 slopes sideways denoting neutral territory and a balance between bullish and bearish positions.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>EVGO stock price (NASDAQ: EVGO) corrected more than 30% from the previous month’s high. It eroded the complete gains generated after the release of quarterly earnings.&nbsp;</p> 
<p>The analysis suggests that EVGO stock price might succeed in defending the 52-week low but the possibility of recovery is also low.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li>Resistance levels: $5.00and $5.94</li> 
 <li>Support levels: $3.45 and $3.00</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: Will EVGO Stock Able to Defend 52-Week Low?

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