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- Gevo stock price has been consolidating inside a horizontal range-bound area after escaping from the falling wedge pattern over the daily time frame chart.
- GEVO Inc (NASDAQ: GEVO) stocks has been caged inside the price range of $1.93 and $2.21.
- Analysts speculate the level of support for GEVO shares to return towards the upper price range of the consolidation phase.
GEVO stock price has slipped around 4.85% by the closing of Friday’s trading session and might surge on Monday. Analysts from an esteemed financial institution believe that GEVO share price might revert towards the upper price range and might register its breakout if bulls sustains successfully. Gevo Inc stock price has slipped through a falling wedge from August 2022 and managed to register its breakout in January 2023. Analysts also believe that GEVO share price might surge towards $5 if it successfully register its breakout and sustains above the consolidation phase.
Technical Analysts also believe that some researches suggest that GEVO stock price might recover maximum during 2023. With this statement’s investors are claiming down and are also waiting for GEVO share price to revert back from the support level to register its breakout.
Gevo stock price was at $1.96 and has lost 4.85% of its market capitalization during the day’s trading session. Trading volume on Friday can be seen above average while being under control of sellers. This shows that sellers raided the GEVO shares on Friday’s trading session. However, analysts speculate that GEVO shares might recover max during 2023.
Gevo share price has been consolidating after it escaped the converging wedge pattern over the daily time frame chart. Meanwhile, analysts believe that GEVO share price might revert back as Monday’s trading session starts. GEVO share price has slipped below 20, 50, 100 and 200-days Daily Moving Average. Now investors in GEVO shares need to wait until the stock price reverts back from the support zone.
GEVO Stock Price Might Rally in 2023
Gevo stock price has slipped around 1.51% during last week and 8.84% in the period of a month. In addition, the quarterly report of GEVO shares showcases the decline of 13.66% in the price of GEVO stocks. Nevertheless, GEVO share price has recovered around 3.16% Year to Date. This indicates the recovery of GEVO shares during 2023. Analysts also suggest that, if GEVO gathers support from $1.90 support level and recovers back towards the upper price range of the consolidation phase. Then GEVO investors might witness the recovery of GEVO share price towards $5 in mid 2023.
Technical Indicators Suggest the Downtrend of GEVO Shares
Technical indicators suggest the downtrend momentum of GEVO stock price. Relative strength index showcases the downtrend momentum of GEVO shares. RSI was at 43 and has declined towards the oversold territory. MACD exhibits the downside trend of GEVO share price. The MACD line can be seen below the signal line after a negative crossover. Investors in GEVO shares need to wait until the stock price gets support and reverts back as analysts stated.
Summary
GEVO share price has slipped around 4.85% by the closing of Friday’s trading session and might surge on Monday. Analysts from an esteemed financial institution believe that GEVO share price might revert towards the upper price range and might register its breakout if bulls sustains successfully. However, analysts speculate that GEVO shares might recover max during 2023. Nevertheless, GEVO share price has recovered around 3.16% Year to Date. Technical indicators suggest the downtrend momentum of GEVO share price. Investors in GEVO shares need to wait until the stock price gets support and reverts back as analysts stated.
Technical Levels
Support Levels: $1.90 and $1.85
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 or stocks 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.
