ChargePoint (NYSE: CHPT) stock price is down by 8.07% on the weekly chart while showing a short term bearish trend. The price of CHPT stock is still below the 20-day EMA that indicates a bearish outlook due to selling pressure. After the recent release of the fourth quarter earnings report, CHPT stock tested the 50-day EMA but couldn’t cross the 100-EMA. The stock then started declining in price and came down below the 20-day EMA. As CHPT stock bears seems active, the stock price may fall to its $8.10 support level.
Earlier in February, CHPT stock managed to rise above the 100-day EMA and amid buying pressure. As soon as price entered the supply zone, price dropped below the 20-day EMA and then in the middle of the month, touched the 200-day EMA and then slid further down.
ChargePoint Holdings, Inc (NYSE: CHPT) currently has a market cap of $3.191 billion, it released its Q4 ‘22 earnings on March 02, 2023. In its Q4 results, its total revenue was $152.83 million, which is 21.93% higher compared to the previous quarter. The net income in Q4 22 is $-78.01 million. Moreover, ChargePoint earnings for the last quarter are -$0.13 while the estimate was -$0.19 which is a 27.56% surprise.
Will CHPT Stock Reach its Support Level?
On the daily chart, CHPT stock is looking to test the support level near $8.00 which is the strong demand zone. Over last week, the stock was reeling under bearish pressure. Buyers tried to hold but were unable to sustain. Moreover, the chart shows a rounding top pattern which is a reversal pattern, fronting distribution from the top. Thereafter, stock conducts supply done by the sellers and price slips gradually. The buyers are losing strength, while bears are gaining momentum.
From the last three trading sessions, doji candlestick forms on the chart which creates uncertainty for investors. If CHPT stock sustains and crosses $9.90, then the bulls are likely to test the 20 EMA mark, whereas if it falls below $9.00, then price will head towards the support mark. However, CHPT stock trades in a narrow congestion range between $8.00 – $12 and does not replicate any bigger moves on either side.
The Relative Strength Index (RSI) curve is at 35 and continues to slip from the neutral zone. It is heading for the oversold region, and a bounce is expected for now for further moves in near sessions.
Support Level: $9.00 and $8.10
Resistance Level: $10.50 and $12.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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/2023/03/19/chpt-stock-price-drops-8-will-regain-its-price-on-monday/