BLNK stock price fell 22.24% last month and continues to erode the market capitalization. It declined by forming lower low swings indicating the sellers’ dominance on the higher levels.
Blink stock price is in a downtrend and trading below the day 50-day and 200-day EMA. However, the current price looks oversold and has gone far away from EMA so a short-term pullback rally may trigger anytime.
In mid-August, BLNK stock price broke down the crucial support of $5.00. It triggered the negative sentiment and fueled the downfall.
Meanwhile, the selling volume also surged and the price continued to decline. It denotes that some long-term investors prefer to take the exit.
Previously, buyers tried multiple times to push the price above the 50-day EMA. However, due to the strong presence of sellers, the attempt failed and the price reverted down.
The bears are highly active and the pullbacks are getting sold off. However, the Q3 earnings are near so it seems risky to build fresh shorts.
BLNK stock price closed the previous session at $2.59 with an intraday rise of 0.39%. The market capitalization stands at $168.49 Million.
BLNK Stock Price Show Bounce After Earnings?
BLNK stock price is inside the bear’s grip and no signs of recovery or reversal are visible. However, the price looks oversold so a temporary bounce back may come.
Blink Charging Co. scheduled the third quarter earnings for November 9, 2023. Market analysts estimated an EPS of negative $0.462 and revenue of $30.29 Million.
If the company succeeds in beating the estimates then the probability of bounce back will substantially increase. On the other hand, if a company disappoints in earnings, then the stock price may hit new lows.
Blink Stock Price Displaying a Bearish Pattern
Blink stock price is displaying a bearish pattern on a daily, weekly, and monthly time frame.
The broader market indices like the S&P 500, and Nasdaq Composite are recovering but BLNK continues the downfall. It shows that long-term investors had lost confidence in the future outlook of the company.
The MACD curve slopes upward and generates a positive crossover indicating mild bullishness. However, the RSI at 42 denotes weakness and more downfall is possible.
Conclusion
BLNK stock price is in a downtrend and bears continuing dominance. The Q3 earnings are scheduled tomorrow so volatility in the stock price may rise.
The analysis suggests, that if Blink Charging Co. beats the earnings estimates, then a short-term bounce may come.
Technical Levels
- Resistance levels: $4.02 and $5.00
- Support levels: $2.18 and $2.00
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/11/09/blnk-stock-analysis-beware-of-short-squeeze-after-q3-earnings/