CHPT stock price has slipped below the symmetrical triangle pattern and falters to gain support at current level. CHPT shares require buyers’ attention to successfully recover towards the $20 distribution level. ChargePoint Holdings Inc stock price made a double top and got distributed from the distribution phase at $20 resistance. CHPT share price has an interesting roller-coaster ride after slipping from the $20 distribution level.
ChargePoint Holdings Inc (NYSE: CHPT) stock price has been trying to remain above $10 but couldn’t sustain and slipped instead. CHPT shares must accumulate more buyers in order to initiate its recovery phase. However, analysts do claim that CHPT stock price may reach $20 in order to sustain and finally register its breakout from the distribution phase by mid 2023.
ChargePoint Holdings Inc – Largest EV Charging Infrastructure
An organization that offers infrastructure and options for electric vehicle (EV) charging is ChargePoint Holdings, Inc. Campbell, California, in the United States, serves as the company’s headquarters. For both people and businesses, ChargePoint provides a variety of charging options, including charging stations, mobile apps, and cloud-based software. They provide options that let EV owners charge their cars at home, at work, or while they’re on the go.
One of the biggest EV charging infrastructure providers in the world, ChargePoint has a global network of over 174,000 charging stations in more than 55 countries. To increase the size of its charging network and encourage the use of EVs, the company has agreements with significant automakers, utilities, and other companies.
Through a merger with Switchback Energy Acquisition Corporation, a special purpose acquisition company (SPAC), ChargePoint became publicly traded in March 2021 and is currently traded on the New York Stock Exchange (NYSE) under the ticker code “CHPT” (NYSE: CHPT).
CHPT stock price was at $9.44 and has lost 3.58% of its market capitalization during Tuesday’s trading session. Trading volume is above average at 11.19M on Tuesday and must be in favor of buyers of Wednesday’s trading session. Meanwhile, CHPT share price has dropped below 20, 50, 100 and 200-days Daily Moving Average.
In addition, CHPT stock price might look for a greater accumulation rate during Wednesday’s trading session to initiate its recovery phase. Nevertheless, CHPT share price has lost 11.69% in the last week. CHPT stock price may start recovering as soon as it approaches the $12.80 and register its breakout.
Will CHPT Stock Price Reach $20? – Technical Indications
For CHPT stock price to retain its position near $20, the price of CHPT share price needs to be sustained above $10 and must break out of the primary resistance level of $12.80.
Technical indicators suggest the downtrend momentum of CHPT stock price. Relative strength index showcases the downward trend of CHPT share price. RSI was at 35 and is moving towards the oversold territory. MACD exhibits the declining momentum of CHPT share price. The MACD line is below the signal line after a negative crossover.
Investors in ChargePoint Holdings Inc need to wait until the CHPT share price surges out of the $12.80 and initiates its recovery phase.
Summary
CHPT stock price has slipped below the symmetrical triangle pattern and falters to gain support at current level. ChargePoint Holdings Inc (NYSE: CHPT) stock price has been trying to remain above $10 but couldn’t sustain and slipped instead.
One of the biggest EV charging infrastructure providers in the world, ChargePoint has a global network of over 174,000 charging stations in more than 55 countries. Technical indicators suggest the downtrend momentum of CHPT sshare price. The MACD line is below the signal line after a negative crossover.
Technical Levels
Resistance level: $10.50 and $12.80
Support level: $9.15 and $9.00
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 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/2023/03/15/chargepoint-holdings-chpt-will-chpt-stock-price-reach-20/