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- 1 FuelCell Energy stock (NASDAQ: FCEL) is trading near to the 52-week low.
- 2 FCEL stock price is trading below the 50-day and 200-day EMA showcasing downtrend.
- 3 Fuelcell Energy shares are forming a bearish pattern.
Fuelcell Energy Stock (NASDAQ: FCEL) is down by 28% on a YTD basis and trading near the 52-week low. FCEL stock formed a bearish pattern and sellers continued their dominance on higher levels.
Fuelcell Energy stock is trading below the 50-day and 200-day EMA showcasing a downtrend. However, the current price is far away from the 50-day EMA so a pullback rally may trigger anytime.
In the mid of June, FCEL stock price managed to climb above the 50-day EMA. It created hope for a short-term trend reversal and the price reached $3.00.
Later, buyers tried to break out of the $3.00 hurdle but sellers came forward and halted the momentum.
Fuelcell Energy stock formed a bearish engulfing pattern and prices began to decline by forming lower lows. Slow and steady FCEL stock eroded the previous gains and lost the confidence of investors.
Fuelcell Energy Stock price closed the previous session at $1.91 on a flat basis. The market capitalization stands at $776.91 Million. Trading volume is quite high which might benefit the speculators.
Will Fuelcell Energy Stock take U-turn from 52-week low?
Fuelcell Energy Stock (NASDAQ: FCEL) is trading with bearish cues and no signs of recovery are visible. However, the price looks oversold and buyers will try their best to bounce back.
Till FCEL stock is trading below $2.50 any short-term up move will face difficulty to hold the higher levels. However, if the buyers are able to break the $2.50 level then we may see a short-term trend reversal.
On the other hand, if the price continues to trade below $2.00 then more downside will open. The technical analysis suggests Fuelcell Energy stock is in bear grip and the possibility of a U-turn remains low.
FCEL Stock is bearish on multiple time frame
FCEL stock formed a bearish pattern on multiple time frames. Buyers look reluctant to build long positions due to fear of further selloff. It showcases the dominance of sellers.
The MACD curve slopes down and the histogram bar is also declining indicates bearish momentum might continue. The RSI at 36 is near to the oversold territory due to which a temporary bounce might be visible.
Conclusion
Fuelcell Energy Stock (NASDAQ: FCEL) is inside the bear grip and seems to be in a strong downtrend.
Technical analysis suggests short-term bounce in the FCEL stock will face difficulty to hold the higher levels. Also, the probability of testing the $3.00 level by 2023 is low.
Technical levels
- Resistance levels: $2.50 and $3.00
- Support levels: $1.76 and $1.50
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
