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- 1 CHPT stock price may rebound from current level to recover and reach the $6.35 mark.
- 2 ChargePoint stock slipped below 20, 50, 100 and 200-days daily moving averages.
- 3 ChargePoint Holdings Inc. (NYSE: CHPT) declined by 54.45% year to date.
CHPT stock price may initiate its recovery towards the $6.35 mark as it gains support from buyers. ChargePoint stock price has been declining from September starting and now is the time for CHPT to bounce back from current level. However, the accumulation rate of buyers is not up to the mark and needs to rise during Thursday’s trading session.
ChargePoint stock needs to accumulate buyers in order to initiate its recovery phase over the daily time frame chart. However, sellers’ have been trying to pull CHPT over the charts. Analysts believe that now CHPT shares may get fueled to surge from the current level.
CHPT stock price was at $4.16 and lost around 5.45% of its market capitalization during Thursday’s trading session. However, trading volume (11.638 Million) was below average (14.176 Million). This demonstrates that CHPT needs more buyers in order to maintain its recovery towards the $6.35 mark.
Is it a Good Time to Buy CHPT stock?
CHPT stock price has been trying to recover from the lowest but couldn’t maintain the uptrend as sellers kept on barging the stock. Now CHPT shares look confident to initiate the recovery phase and surge towards the $6.35. However, to maintain its recovery towards the $6.35 mark at first, CHPT needs to break out of the $5.20 primary resistance. Meanwhile, ChargePoint stock slipped below 20, 50, 100 and 200-days daily moving averages.
ChargePoint stock declined around 13.39% in a week and 39.14% in a month. Moreover, CHPT slipped by 49.07% in the last three months and 52.43% in the last six months. In addition, CHPT stock slumped around 54.45% year to date. This confirms the facts regarding CHPT stock’s struggle in 2023.
Technical indicators highlight the downtrend of CHPT shares over the daily time frame chart. Relative strength index (RSI) confirms the downward momentum of CHPT. RSI was at 19 and is moving towards the extreme oversold zone. Investors in ChargePoint Holdings Inc. (NYSE: CHPT) need to wait for any directional change over the daily time frame chart.
Summary
CHPT stock price may initiate its recovery towards the $6.35 mark as it gains support from buyers. However, sellers’ have been continuously trying to pull CHPT over the charts. Now CHPT shares look confident to initiate the recovery phase and surge towards the $6.35. Moreover, CHPT slipped by 49.07% in the last three months and 52.43% in the last six months. Technical indicators highlight the downtrend of CHPT shares over the daily time frame chart.
Technical Levels
Support Levels: $4.00 and $3.95
Resistance Levels: $5.20 and $6.00
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 stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
