Gevo Inc’s GEVO stock price was at $1.92 with a rise of 2.67% on Friday’s trading session. The trading volume remained below average in Friday’s trading session. The formation of a spinning top candlestick pattern over the daily chart on Friday’s trading session indicates that the trading session was indecisive. Both bulls and bears were in action in the session.
The bulls were driving the price up which can be seen by the long upper shadow. While the bears were driving the price down which is indicated by the long lower shadow. However, none of them could gain an upper hand over the other and hence the session ended with the opening price and closing price of the stock being close to each other as shown by the candlestick small body.
After the start of June 2022, the buyers became active again pushing the stock upward fast which can be seen by the formation of three white soldiers which indicates the buyer’s strength in the market soon after reaching the upper trendline of descending triangle.
After that sellers again became active pushing the stock below its 20-Days moving average. Because of the seller’s pressure in the market, the stock is consolidating near the 20-Days moving average inside the descending triangle chart pattern. But now is the time for the GEVO stock price to break out from the descending triangle if the buyers provide the required thrust.
More About Gevo Inc. (NASDAQ: GEVO):
Gevo, Inc. is a renewable fuels technology and development company that specializes in transforming renewable energy into energy-dense liquid hydrocarbons for sustainable aviation fuel (SAF). The company operates in four segments:
Gevo, which focuses on all research and development activities related to the production of isobutanol and the development of biocatalysts; Agri-Energy, engaged in the operation of the company’s Luverne facility and production of isobutanol, ethanol, and related products; Renewable Natural Gas, which produces natural gas-derived renewable energy; and Net-Zero, which offers carbon offsets.
Gevo Inc. (NASDAQ: GEVO) Stock Price Technical Analysis:
According to technical indicators, GEVO stock price may show upward movement. RSI is increasing in the oversold zone and is shown a positive crossover which indicates that the buyers are coming in the majority and pushing GEVO upwards.
This shows the strength of the current bullish trend. The current value of RSI is 47.23 which is above the average RSI value of 44.19. The MACD and the signal line are increasing but not showing a definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Summary
Gevo stock price was at 1.92 with a rise of 2.67% on Friday’s trading session. The trading volume remained below average in Friday’s trading session. The stock is consolidating near the 20-Days moving average inside the descending triangle chart pattern. RSI is increasing in the oversold zone and is shown a positive crossover which suggests the strength of the current bullish trend. MACD is increasing but not showing any definitive cross to support RSI claims, as per technical indicators.
Technical Levels
Support Levels: $1.80 and $1.75
Resistance Levels: $2.00 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 or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/03/05/gevo-stock-price-prediction-make-or-break-moment-for-gevo/