ChargePoint stock price is facing strong bearish pressure on the daily technical charts, as it is trading below the 100 and 200-day EMAs. The stock failed to break above its key resistance levels near the EMAs in the past few months, despite several attempts by the buyers.
The stock is currently trading near $3.08, with a marginal gain of 6.57% intraday. The stock has a potential upside target of $5.87, but it needs to overcome the bearish momentum and surge above the 200-day EMA. The stock has a support level of $2.40, which could prevent further fall.
ChargePoint price prediction suggests that the stock is in the firm grip of the bears and needs to show signs of reversal before confirming a bullish trend.
The technical indicators favor the bears projecting a pessimistic perspective for the buyers. The RSI and stochastic RSI oscillators are moving near the overbought zone whereas the major EMA lines are acting as barrier points for CHPT price.
The company’s performance has been dismal throughout the year. It reported negative returns of 68.12% in the year-to-date period; 65.16% in the last six months; 29.84% in last month; and gained 22.22% last week. This shows a persistent bearish trend that has not reversed yet.
Technical Analysis of ChargePoint Stock Price in 1-D Time Frame
ChargePoint stock (NASDAQ: CHPT) is trading under the 50 and 200-day daily moving averages (DMAs), which do not uphold the price trend.
The current value of RSI is 60.90 points. The 14 SMA is above the median line at 70.05 points which indicates that the ChargePoint stock is bearish.
The MACD line at -0.5763 and the signal line at -0.6783 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the CHPT stock price.
Weekly-Time Horizon Analysis
The weekly charts of ChargePoint stock reveal that sellers have been dominant. The stock has been on a downtrend as it has broke below the key EMAs. Technical indicators also confirm the bearish sentiment, as the RSI is near the oversold zone at 40 and the MACD has shows red bars and a bearish crossover. These signals indicate that the stock may face more downward pressure in the coming weeks.
Summary
ChargePoint stock (NASDAQ: CHPT) technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the CHPT stock price. ChargePoint price action suggests that the investors and traders are bearish on the 1-day time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
Support Levels: $2.40 and $2.00
Resistance Levels: $4.44 and $5.87
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Source: https://www.thecoinrepublic.com/2023/11/04/chargepoint-stock-price-prediction-will-chpt-stock-break-above-5/