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- Gevo stock price has been trading with strong uptrend momentum after the news of some institutions to accumulate GEVO stock spreads.
- State Street Corp is the major institutional holder of Gevo Inc shares, with 35,309,857 shares.
- Gevo Inc (NASDAQ: GEVO) stocks has been preferred by buyers lately as the GEVO stock price picks up pace from the $1.90 support level.
Gevo stock price has declined through a falling wedge pattern from August 2022 and managed to escape the wedge in January 2023. GEVO share price has recovered out of the falling wedge pattern and started consolidating inside the horizontal range bound area over the daily time frame chart. Reports suggest that Gevo shares might reach $5 as soon as it registers its breakout from the horizontal range over the daily time frame chart.
Gevo Inc’s stock price needs to soar towards the upper price range of the consolidation phase at $2.20 to register its breakout from the horizontal range. Meanwhile, buyers have been pushing the GEVO share price towards the upper range for GEVO to reach $5. Let us get a knowledge about the Gevo Inc company’s structure and its productions.
Gevo Inc (NASDAQ: GEVO) and its Business Model
Gevo is a renewable chemicals and advanced biofuels company that produces sustainable aviation fuel and renewable gasoline. The company develops and produces sustainable aviation fuel (SAF) and renewable gasoline, as well as specialty chemicals used in a variety of applications, such as solvents and adhesives.
The foundation of Gevo’s technology is the transformation of biomass, such corn, into renewable chemicals and fuels. The business turns biomass into isobutanol through a unique fermentation method, which may then be processed into SAF or renewable gasoline. Gevo products are more environmentally friendly since they emit fewer greenhouse gasses than conventional fossil fuel products.
Gevo produces chemicals and fuels in addition to working on methods for producing fuel and sustainable energy. The corporation collaborates with many other companies, such as airlines, energy companies, and academic institutions.
Gevo stock price has been consolidating inside the horizontal price range of $1.90 and $2.20 levels. GEVO shares need to escape this consolidation phase in order to reach the $5 recovery level.
Trading volume has been below average since the last trading session and might soar on the opening of Friday’s trading session. Meanwhile, Gevo stock price has been trying to sustain at 20 and 50-EMA while the stock price is still trading below 100 and 200-days Daily Moving Average.
Why Technical Indicators are Bearish Over Gevo Stock Price?
Gevo stock price has been fluctuating inside the horizontal range bound area after escaping from the falling wedge pattern over the daily chart. However, technical indicators like RSI and MACD are still signaling the slippage of GEVO.
Relative Strength Index showcases the downtrend momentum of Gevo stock price. RSI was at 53 and was moving towards neutrality for a breakdown. MACD exhibits the consolidation phase of GEVO share price. The MACD line is below the signal line with a minor difference. Investors in GEVO stocks need to wait until the Gevo share price recovers above the consolidation phase.
Summary
Gevo stock price has declined through a falling wedge pattern from August 2022 and managed to escape the wedge in January 2023. Gevo is a renewable chemicals and advanced biofuels company that produces sustainable aviation fuel and renewable gasoline. GEVO shares need to escape this consolidation phase in order to reach the $5 recovery level. However, technical indicators like RSI and MACD are still signaling the slippage of GEVO. Investors in GEVO stocks need to wait until the Gevo share price recovers above the consolidation phase.
Technical Levels
Support Levels: $1.90 and $1.80
Resistance Levels: $2.20 and $3.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
