Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
EVgo stock price has been trying to recover above the $4.50 primary resistance level and is attempting to reach the $10 mark in 2023. However, sellers have been continuously trying to short EVGO shares as it approaches the primary resistance level of $4.50. Buyers of EVGO shares should come together and collectively contribute to jumpstart the share price, leading to a significant breakout. Evgo share price may advance towards the $10 recovery level as soon as it breaks out from the resistance level.
Evgo stock price was at $4.00 and has lost 3.15% of its market capitalization during Friday’s trading session. Trading volume is below average and must grow for EVGO shares to surge with strong upward momentum. Investors in EVGO shares have to wait until the share price initiates its recovery rally.
EVGO Stock Price: Why do Technical Indicators Show Divergence?
Evgo’s stock price made an attempt to recover during its rally in January while trading within an ascending parallel channel. However, EVGO shares couldn’t stabilize at the $7.60 level and got rejected, following some consolidation. EVGO price declined by 43.82% in the last three months and then fell to the current level.
Nevertheless, EVGO share price has gained 5.26% in a week and 2.56% in a month. This highlights the improvement in EVGO stocks performance analysis.
For EVGO stock price to reach the recovery level of $10, the stock price must follow an appropriate plan, says analysts. The plan involves EVGO share price first breaking out above the primary resistance level of $4.50 and stabilizing there in order to surge again. Subsequently, EVGO may reach its first and second milestones at $5.55 and $6.60, respectively.
Additionally, once the EVGO stock price establishes stability above the key threshold of $7.60, it has the potential to continue its recovery towards the $10 mark, possibly encountering some consolidation along the way.
However, analysts have advised investors to exercise caution while trading in the stock market. Investors have also been advised to cross-check the technical indications as there are some external or internal factors which may affect the price action of the security.
Technical indicators were quite divergent over the price action of EVGO shares during Friday’s trading session. Relative strength index (RSI) showcases the downward momentum of EVGO shares. RSI was at 44 and is moving towards the oversold territory.
MACD on the other hand, exhibits the rising momentum of EVGO share price. The MACD line is above the signal line with no sign of any crossover lately. Investors in EVgo Inc (NASDAQ: EVGO) need to wait for any directional change over the daily time frame chart.
Summary
Evgo stock price has been trying to recover above the $4.50 primary resistance level in order to recover towards the $10 mark in 2023. EVGO stock price then declined by 43.82% in the last three months and fell to the current level. For EVGO shares to reach the recovery level of $10, the stock price must follow a proper plan, says analysts. Technical indicators were quite divergent over the price action of EVGO shares during Friday’s trading session.
Technical Levels
Support Levels: $3.85 and $3.60
Resistance Levels: $4.50 and $5.55
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 stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/03/evgo-stock-price-prediction-will-evgo-reach-10-mark-in-2023/