What to Expect With ChargePoint Stock in Oct 2023

CHPT stock price has been struggling to break above the key resistance level and has been stuck below it. Currently, CHPT shares need more buyers to support an upward movement toward recovery. However, the trading volume is low, which indicates a lack of interest and momentum. At the same time, CHPT shares have broken below the 20, 50, 100, and 200-day daily moving averages, which are bearish signals.

CHPT stock price lost 0.80% last week. It fell by 27.51% in the month. Moreover, ChargePoint shares witnessed a decline of about 51.74% in the past six months and a plunge of 67.15% over the past year.

Also, the ChargePoint share price has dropped by around 48.45% year to date. These trends collectively show the challenges faced by CHPT shares in their recovery efforts throughout the year.

Technical indicators highlight the downtrend of CHPT stock price. Relative strength index (RSI) showcases and moving average convergence divergence (MACD) both indicate the slippage in CHPT share price.

The price at present requires substantial support from the buyers in order to make a recovery as it is facing major resistance from the previous resistance points and multiple moving average levels. Buyers are pulling the price action into their grasp according to the candlestick patterns.

The price may soon attempt to make a bullish recovery. However, as it is trading below the key EMA levels, the buyers will have to face multiple resistance levels in order to attain the target. Buyers are presently making continuous efforts to retake charge of the trend.

On the daily charts, CHPT stock shows sellers’ dominance and slipped below neutrality, showing a negative outlook on the charts. Moreover, it is heading toward the 23.6% Fib level and near the lower Bollinger band.

Overall, the technical indicators and price action suggest that CHPT stock is bearish and that the downtrend may continue.

Technical Evaluation of CHPT Stock Price

At the time of publishing, ChargePoint stock (NYSE: CHPT) is trading below the 50 and 200-day SMAs (simple moving averages), which do not support the price trend. The current value of RSI is 27.22 points. The 14 SMA is below the median line at 26.40 points which indicates that the CHPT stock is bearish.

The MACD line at -0.6151 and the signal line at -0.5972 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the ChargePoint stock price.

Summary

CHPT stock technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the ChargePoint stock price. CHPT price action suggests that the investors and traders are bearish on the 1-D time frame.

Technical Levels

Support Levels: $4.00 and $3.00
Resistance Levels: $6.65 and $10.08

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.