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- Gevo stock price has closed Thursday’s trading session with a hammer candlestick pattern and if you are an avid trader you might be aware about what hammer candlestick designates.
- GEVO stock has been consolidating after leaving the falling wedge pattern.
- Gevo Inc (NASDAQ: GEVO) is a renewable chemicals and advanced biofuels company headquartered in unincorporated Douglas County, Colorado in the Denver-Aurora metropolitan area.
GEVO stock price might rally during 2023 indicates the technical analysis and confirms some financial analysts. GEVO shares need to escape the consolidation phase to initiate its recovery over the charts. Gevo Inc (NASDAQ: GEVO) stocks need to break out of the horizontal range bound area from the $1.93 recovery level to rally towards the $2.20 resistance level.
However, volume change can be seen below average and needs to grow during Friday’s trading session. GEVO share price has slipped the most through the falling wedge pattern since August 2022. Nevertheless, GEVO stock managed to break out of the declining pattern by January 2023 and stuck inside the consolidation phase.
Gevo stock price (NASDAQ: GEVO) was at $1.87 and has gained 1.63% during Thursday’s trading session. Trading volume was below average and needs to grow during Friday’s trading session. However, hammer candlestick hints towards an upcoming trend reversal and GEVO might start rallying towards the upper price range.
GEVO stock price has been consolidating inside the horizontal price range of $1.65 and $2.20. GEVO shares need to attract more buyers in order to surge towards the upper price range and register its breakout to initiate its recovery phase. Nevertheless, GEVO share price has slumped below 20, 50, 100 and 200-days Daily Moving Average.
Gevo Stock Price to Initiate its Rally of 2023 Soon!
Analysts believe that GEVO stock price (NASDAQ: GEVO) might start its rally as soon as it breaks out of the consolidation phase at the lower level over the daily time frame chart. In addition, reports also suggest that GEVO share price may rally maximum during 2023 and hints that by the end of 2023 GEVO might reach $5 per share value.
Gevo shares have recovered around 0.54% in the last week indicating towards the initialization of its upcoming rally. However, GEVO stocks had a bloodshed past with around 7.88% drop in a month. Quarterly report of GEVO shares is also negative with a round 9.22% price drop. Some analysts from a respectable financial institution do believe that GEVO shares might recover max during 2023.
Uptrend Incoming for GEVO Shares – Technical Indications
Gevo stock price (NASDAQ: GEVO) has been trying to revert back towards the upper price range of the consolidation phase over the daily chart. Technical indicators suggest the uptrend momentum of GEVO share price.
Relative strength index showcases the upside trend of GEVO shares. RSI was at 43 and has been trying to surge towards neutrality. MACD exhibits the inclining momentum of GEVO share price. The MACD line is surging towards the signal line for a positive crossover. Investors in GEVO Inc (NASDAQ: GEVO) need to wait until GEVO share price starts soaring towards the upper price range and register its breakout.
Summary
GEVO stock price might rally during 2023 indicates the technical analysis and confirms some financial analysts. GEVO share price has slipped the most through the falling wedge pattern since August 2022. Analysts believe that GEVO stock price (NASDAQ: GEVO) might start its rally as soon as it breaks out of the consolidation phase at the lower level over the daily time frame chart. Technical indicators suggest the uptrend momentum of GEVO share price. Investors in GEVO Inc need to wait until GEVO share price starts soaring towards the upper price range and register its breakout.
Technical Levels
Support Levels: $1.75 and $1.65
Resistance Levels: $1.95 and $2.20
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.
