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- 1 ChargePoint Stock (NYSE: CHPT) faced resistance near $10.00 and reverted down.
- 2 CHPT stock struggles to hold the price above the 50-day EMA.
- 3 CHPT stock struggles to hold the price above the 50-day EMA.
ChargePoint stock (NYSE: CHPT) is down by 12% (approx.) on a YTD basis and formed a bearish pattern. It showed a minor recovery after testing the 52-week low at $7.22. However, the prices again lacked momentum near $9.00.
CHPT Stock price struggles to climb above the 50-day EMA showcasing that the short term is still in a downward direction. The 200-day EMA is sloping down which denotes that the positional trend is also in a downward direction.
ChargePoint Holdings released the previous quarter earnings on June 1, 2023. The company met the EPS and revenue estimates which created a positive hope for the investors. However, the stock prices did not react well and remained calm.
Buyers tried to break the $10.00 hurdle but due to the strong presence of sellers, prices faced rejection and reverted down. Slow and steady, it eroded the previous gains and prices tested the previous lows.
ChargePoint Stock Price closed the previous session at $7.93 with an intraday decline of -3.53%. The market capitalization of the NYSE: CHPT stands at $2.80.
Is ChargePoint Stock under-valued below $10?
ChargePoint stock (NYSE: CHPT) is near to the 52-week low and buyers are trying their best to defend it. Fresh buyers look reluctant to build long positions due to fear of further losses. It shows the dominance of sellers in the CHPT stock.
EV sector stock ChargePoint Holding looks undervalued as compared to its peers. But due to negative returns in the past 6 months, investors lack confidence. However, the future of EV sector stocks is bright so CHPT stock must be on the investors’ watchlist.
Till CHPT shares are trading below $10.00 the prices are expected to remain in a bearish grip. Therefore, it’s better to wait and watch for a $10.00 breakout before building any positions.
CHPT Stock is bearish on multiple time frames
CHPT stock is forming bearish patterns on daily, weekly, and monthly time frames. As of now, no signs of trend reversal or recovery are visible. The ChargePoint stock might consolidate for some more time in the range before deciding the next direction.
The MACD curve displayed a negative crossover and reversed down by facing resistance at the zero line. It indicates sellers are more active as compared to buyers. The RSI at 40 sloping down denotes a lack of strength and might test the oversold territory.
Conclusion
ChargePoint stock (NYSE: CHPT) is trading near a 52-week low and no signs of recovery are visible. The technical analysis suggests CHPT stock price is likely to remain in bear grip till it trades below $10.00.
Technical levels
- Resistance levels: $10.00 and $10.73
- Support levels: $7.23 and $7.00
Disclaimer
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.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
