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Gevo stock price might revert back as the momentum change needs to be channelized, analysts. - 2
GEVO share price has been experiencing strong selling pressure since its decline by 18.15% from 16th February to 24th February. - 3
The headquarters of Gevo, Inc., a manufacturer of advanced biofuels and renewable chemicals, are located in unincorporated Douglas County, Colorado, which is part of the Denver-Aurora metropolitan region.
GEVO stock price has been experiencing strong selling pressure since its bearish rally of 16th Feb and has lost around 18.15%. Gevo share price needs to sustain at the lower level to return towards its recovery phase. GEVO stock needs to skip this consolidation phase to retain its recovery phase to breakout of $2.20. GEVO has declined around 12.62% in the last week and also around 12.20% of its market capitalization in a month. GEVO had slipped the most and might sustain to reverse towards its recovery phase before $1.65.
Gevo stock price was at $1.80 and has lost around 3.23% of its market capitalization during Friday’s trading session. This demonstrates that sellers are acquiring the momentum and buyers might strike on Monday’s trading session to provide support.
GEVO stock price has been slipping inside the consolidation phase over the daily time frame chart. GEVO share needs to attract more buyers from the opening of Monday’s trading session.
GEVO has broken down from the $1.93 on 21 February and continued to fall till current level now bulls might accumulate themselves on Monday’s trading session. Trading volume has been below average and needs to grow during Monday. Moreover, GEVO stock has slumped below 20, 50, 100 and 200-days Daily Moving Average.
Will GEVO Share Price (NASDAQ: GEVO) Reach $3?
Technical indicators suggest the downside trend of GEVO share price over the daily time frame chart. Relative strength index showcases the downtrend momentum of GEVO stock. RSI was at 37 and is heading towards oversold territory.
MACD confirms the declining phase of GEVO stock price. The MACD line is below the signal line after a negative crossover. Investors in GEVO shares need to wait until the stock price returns towards the $1.93 primary support level to register its breakout and soar towards $3.
Summary
GEVO stock price has been experiencing strong selling pressure since its bearish rally of 16th Feb and has lost around 18.15%. GEVO share needs to attract more buyers from the opening of Monday’s trading session. Moreover, GEVO stock has slumped below 20, 50, 100 and 200-days Daily Moving Average. Technical indicators suggest the downside trend of GEVO share price over the daily time frame chart.
Technical Levels
Support Levels: $1.65 and $1.75
Resistance Levels: $1.93 and $2.20
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/2023/02/25/gevo-stock-price-prediction-gevo-change-in-momentum-required/