CHPT stock price is consolidating within the demand zone, signaling a potential rebound from this crucial level. ChargePoint Holding Inc. share’s recovery prospects are optimistic, with a possibility of reaching the $10 mark once it receives support from the demand zone.
Investors are closely monitoring the price action, anticipating a bullish trend as the CHPT stock gathers strength to recover from the demand zone. The company’s position as a leading electric vehicle charging network provider adds to the positive sentiment, with hopes of continued growth and expansion in the electric mobility market.
CHPT stock price was at $8.11 and lost 0.12% of its market capitalization in Thursday’s trading session. Trading volume was below average and needs to grow during Friday’s trading session so that CHPT shares can initiate the recovery phase from the demand zone.
CHPT Stock Price Targets For $10 – Analysts
CHPT stock price has been moving sideways at the lowest level in the demand zone over the daily time frame chart. Meanwhile, volume change is seen below average and needs to grow in favor of buyers during Friday’s trading session. However, CHPT shares dropped below 20, 50, 100 and 200-days daily moving averages.
ChargePoint Holdings Inc., CHPT stock price needs to gather support from the lower level to initiate its recovery phase. Meanwhile, CHPT share price must recover above the primary resistance level of $8.65 in order to surge towards the secondary resistance level of $9.22. If CHPT shares manage to break out from the following levels, then it may recover and reach the $10 recovery level.
Furthermore, in the past week, CHPT stock price decreased by 3.11%, and over the last month, it declined by 9.28%. The downward trend continued, resulting in losses of 8.26% over the past three months and 34.96% over the last six months.
Technical indicators suggest the consolidation phase of CHPT share price. The relative strength index and moving average convergence divergence shows the sideways momentum of CHPT shares.
RSI was at 44 and is flat below neutrality. The MACD line is struggling below the signal line for any type of crossover.
Investors in ChargePoint Holdings Inc. (NYSE: CHPT) need to wait until CHPT stock price gains support from the demand zone.
Summary
CHPT share price is consolidating in the demand zone, indicating a potential rebound. The company’s leadership in electric vehicle charging boosts positive sentiments, expecting growth in the EV market. However, year-to-date, CHPT shares have declined by around 16.05%. Technical indicators support the ongoing consolidation, prompting investors to wait for support before considering any action on ChargePoint Holdings Inc. (NYSE: CHPT) stock.
Technical Levels
Support Levels: $8.00 and $7.85
Resistance Levels: $8.65 and $9.22
