- EVgo Inc shares have slipped below an interesting ascending parallel channel and investors need to wait until EVGO stock price retains its position.
- EVGO share price has been trying to recover back inside the rising parallel channel pattern to surge towards $10 resistance.
- The price of EVgo Inc (NASDAQ: EVGO) stock might rally towards $10 through the rising parallel channel, analysts speculate.
EVGO stock price needs to sustain and revert back inside the rising parallel channel over the daily time frame chart. EVgo Inc stock price has been trading inside an ascending parallel channel since January 6 and then slipped below the channel on February 10.
EVGO share price tried to recover back inside the parallel channel on Thursday’s trading session but failed to sustain at the lower trendline of the channel. However, the current momentum of EVGO shares is downwards and buyers need to come forward during the day’s trading session for EVGO stocks to retain its position.
EVGO Stock Price : Decoding EVgo Inc (NASDAQ: EVGO) in EV Market
Creating and managing electric vehicle (EV) charging stations in the US is the EVgo Inc’s area of expertise. The business was established in 2010 and has its main office in Los Angeles, California.
As of August 2022, there were more than 850 charging places within the EVgo network of DC fast charging stations for electric vehicles in the United States. All major auto manufacturers are compatible with the company’s charge stations, which are spread across 34 states.
Together with its network of public charging stations, EVgo collaborates with companies and organizations to offer fleets and workplaces private charging options. The business collaborates with automakers, retailers, utilities, and others to offer specialized charging solutions that are tailored to their unique requirements.
EVgo is dedicated to encouraging electric vehicle adoption in order to advance green mobility and lower carbon emissions.
To make the transition to electric vehicles simpler and more convenient for individuals, the company has relationships with significant automakers including GM, Nissan, BMW, and Hyundai. It also keeps expanding its charging network.
EVGO stock price was at $6.34 and has lost 2.01% of its market capitalization during the day’s trading session. Trading volume is below average and needs to grow during the intraday trading session for EVGO shares to retain its position.
EVGO stock price has been increasing through an interesting rising parallels channel over the daily time frame chart. EVGO share price was at 20-EMA above 50-EMA and has been trying to break out of the 100 and 200-days Daily Moving Average.
Analysts from some bigger financial institutions believe that EVGO shares hold great potential to surge above $10 supply level. Meanwhile, EVGO shares need to sustain at 100-days DMA to surge back inside the rising parallel channel over the daily time frame chart. EVGO stock might rally towards the $10 resistance level through the ascending parallel channel.
Technical Indicators Over EVGO Stocks
EVGO stock price has slipped below the lower trendline of the rising parallel channel over the daily time frame chart. Technical indicators suggest the downside trend of EVGO shares.
Relative Strength Index showcases the downtrend momentum of EVGO. RSI was at 53 and is declining towards neutrality. MACD exhibits the fall of EVGO shares from the parallel channel. The MACD line is below the signal line after a negative crossover.
Investors in EVGO stocks need to wait until the EVGO stock price makes its way back inside the ascending parallel channel.
Summary
EVGO stock price needs to sustain and revert back inside the rising parallel channel over the daily time frame chart. As of August 2022, there were more than 850 charging places within the EVgo network of DC fast charging stations for electric vehicles in the United States. Analysts from some bigger financial institutions believe that EVGO shares hold great potential to surge above $10 supply level. Technical indicators suggest the downside trend of EVGO shares.
Technical Levels
Support Levels: $6.15 and $6.00
Resistance Levels: $7.50 and $10.00
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 or stocks 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/2023/02/17/evgo-stock-price-prediction-evgo-to-return-in-channel-for-10/