EVGO stock price trading near the 20-day EMA and showing bearish cues for the past session stuck in a narrow range below neutrality. Moreover, the price action shows that sellers have attained strength and persist in making short positions leading to buyers in trouble. Furthermore, the buyers attempt to leave the range but face rejection multiple times.
The price action showed that EVGO stock was in the correction phase and lost over 50% gains in the past six months leading to seller dominance on the charts. Moreover, the price trades below the key moving averages in the oversold region near the demand zone. Buyers are struggling to gain momentum and putting efforts to register bounce for the past sessions, but due to the intense selling pressure, the price is stuck in a narrow range.
At press time, EVGO stock price is trading at $4.24 with an intraday drop of 2.75% showing bearishness in the overnight session. Moreover, the trading volume increased by 2.67% to 4.01 million, and the market cap is $1.263 Billion. Analysts maintained a neutral rating with a yearly target price of $7.21.
EVgo owns and operates a public direct current fast charging network in the U.S. EVgo’s network of charging stations provides electric vehicle charging infrastructure to consumers and businesses.
Its network is capable of charging all EV models and charging standards currently available in the U.S. EVgo partners with national and regional chains of grocery stores, automotive original equipment manufacturers (OEMs), hotels, shopping centers, gas stations, parking lot operators, local governments and independent property owners in order to locate and deploy its EV charging infrastructure.
In the last session, EVGO stock released Q2 earnings results which were, per the estimates, total revenues increased by 71.62% to $50.55 Million (QoQ). However, the stock price did not react much and stayed in the range below the 20-day EMA. Recently, EVGO stock has named its new CEO Badar Khan effective from the start of November.
EVGO Stock Price Shows Neutrality On Daily Charts
On the daily charts, EVGO stock price is trading near the crucial support range of $4.00 and stuck in a narrow range. However, the leading indicators suggest neutral cues based on the consolidating moves on the charts.
The RSI curve stayed near 50 showing neutral price action, and the decrease in trading volume led to lower demand among investors.
The MACD indicator showed converging moving averages and showing neutrality on the charts.
Conclusion
EVGO stock price showed negative sentiments in the past months and persisted in losing the gains from the top, indicating bearishness on the charts. Moreover, the price action favors bears and shows sellers’ dominance, indicating a further drop in the coming sessions.
Technical Levels:
Support Levels: $4.00 and $3.70
Resistance Levels: $4.80 and $5.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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 and 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.
Source: https://www.thecoinrepublic.com/2023/08/03/will-evgo-stock-evgo-revamped-from-demand-zone-near-4-00/