CHPT Stock defends $2; What Next in Nov-23?

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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ChargePointstock chart shows selling pressure. It is currently taking support on the demand zone of $2. Sellers have gained momentum and were aggressive over the past months.

ChargePointstock price is struggling to break above the major resistance level and is stuck below key EMAs. Currently, ChargePoint shares need more buyers to support an upward movement toward recovery. However, trading volume is low, which indicates a lack of interest and momentum. At the same time, ChargePoint shares are below the 20, 50, 100, and 200-day daily moving averages, which are bearish signals.

ChargePointstock price lost 12.97% last week. It fell by 23.40% in a month. Moreover, CHPT shares witnessed a decline of about 65.88% in the past six months and a plunge of 78.16% over the past year.

Also, the CHPT share price dropped by around 71.53% year to date. These trends collectively highlight the challenges faced by ChargePointshares in their recovery efforts throughout the year.

Technical indicators highlight the downside trend of ChargePoint stock price. Relative strength index (RSI) and the moving average convergence divergence (MACD) both indicate the slippage of ChargePointshare price.

The price at present requires substantial support from the buyers in order to make a recovery as it is facing major resistance from the previous resistance points and multiple moving average levels. Buyers are pulling the price action into their grasp, according to the candlestick patterns.

The price may soon attempt to make a bullish recovery. However, as it is trading below the key EMA levels, the buyers will have to face multiple resistance levels in order to attain the target. Buyers are presently making continuous efforts to take charge of the trend.

On the daily charts, ChargePoint stock shows sellers’ dominance and slipped below neutrality, showing a negative outlook on the charts.

Overall, the technical indicators and price action suggest that ChargePointstock is bearish and that the downtrend may continue.

Technical Evaluation of ChargePoint Stock

At the time of publishing, ChargePointstock (NYSE: CHPT) is trading below the 50 and 200-day simple moving averages (SMAs), which are supporting the price trend. 

The current value of RSI is 35.98 points. The 14 SMA is below the median line at 29.37 points which indicates that the ChargePointstock is bearish.

The MACD line at -0.4008 and the signal line at -0.5095 are below the zero line. A bullish crossover is observed in the MACD indicator which signals bullishness for the CHPT stock price.

Summary

ChargePoint stock (NYSE: 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. ChargePointPrice 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: $2.20 and $2.00.

Resistance Levels: $4.08 and $5.52.

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.