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EVGO Stock price is up by 55% on YTD basis - 2
EVGO Stock rejected the 200 day EMA and struggles to defend the 50 day EMA - 3
Evgo stock price is formed double bottom pattern and showed signs of base formation
EVGO Stock price has recovered 75% from the 52 week low at $3.64 and up by 55% on the YTD basis shows that the buyers are gaining confidence and prices are returning back to the bullish track. In the previous session NASDAQ: EVGO stock price closed at $6.37 with the intraday gains of 6.52%.
In the mid of January, EVGO stock formed a double bottom bullish reversal pattern and succeeded to break out of the neckline hurdle at $4.80 with the giant bullish candle which has triggered the positive sentiment and prices rallied 50% approx in the short period of time.
Meanwhile, EVGO stock bulls have also managed to push the prices above the 50 day EMA which has turned the short term trend in the direction of bulls. Later, the EVGO stock price also tried to break out of the 200 day EMA but unfortunately faced strong rejection and prices again took the downside direction.
EVGO Stock price may hit $10 in 2023?
Evgo stock has witnessed higher buying volume but prices failed to give the follow up momentum shows that some speculative traders are also getting active in EVGO. On the higher side $7.67 will act as an immediate hurdle for the bulls and if buyers succeed to break the hurdle level then EVGO might begin the journey to reach $10.00 which is almost 56% upside form the current levels.
However, if the overall market sentiment turns bearish then bears may try to drag the prices below the 50 day EMA which might create trouble for the short term bullish traders.
EVGO technical indicators are saying ?
Evgo stock technical indicators are like MACD had generated a negative crossover but the MACD curve is reversing upward shows that bears are losing the grip and price may see positive momentum in coming days.
The RSI at 54 sloping north denotes neutral zone and balance between bullish and bearish positions. However, if the price faces rejection from the current levels then $5.00 will act as a strong support zone for the bullish traders. On the other hand, if the situation gets worse then $3.64 will be a last level of support for the EVGO investors.
Conclusion
EVGO stock price has shown a surprising recovery of 75% form the 52 week low which has created a hope for the bullish trend reversal. However, the technical analysis shows that EVGO will gain momentum and reach $10.00 only when bulls succeed to push the price above the 200 day EMA.
EVGO stock – Technical levels
Resistance levels : $7.67 and $10.00
Support levels : $5.00 and $3.64
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.
Source: https://www.thecoinrepublic.com/2023/03/06/evgo-stock-price-ev-fast-changing-station-evgo-may-reach-10/