EVGO Stock Price (NASDAQ: EVGO) recovered approx 20% after testing the 52-week low at $3.45. EVGO Stock is consolidating near its demand zone and buyers are trying their best to keep the price above $4.00.
EVGO share price tried to climb above the 50-day EMA to reverse the short-term trend in favor of bulls. But it faces rejection indicating sellers are active on higher levels.
EVGO Inc Stock is trading below the 200-day EMA showcasing downtrend. However, the bear seems to be losing their grip near the demand zone so a short term up-move is possible.
In the mid of May, Evgo stock dropped below the crucial support of $5.00 with a heavy selling volume. It triggers panic and some genuine investors might have taken exit on higher levels.
The downfall halted near $3.45 and buyers showed minor recovery but $5.00 turned out to be a strong hurdle.
Later, Evgo Stock got stuck into the narrow range consolidation between $3.45 to $5.00. Buyers tried many times to push the price above the higher range to regain the confidence of investors. But still they have not succeeded.
Will EVGO Stock fill the Gap near the supply zone?
Evgo Stock seems to be forming a short term base near $4.00. However, the quarterly earnings are coming near which might increase the volatility. The short term direction in the stock will be visible after the release of earnings.
In previous quarterly results, Evgo share price reacted positively because the company succeeded to meet the estimates. Therefore, a similar kind of positive up move is expected after current quarter earnings.
Till Evgo Stock sustains above $3.45 the possibility of the recovery remains high. However, the price will pick up momentum only after the breakout of $5.50 hurdle level.
EVGO Inc – Analyst Earnings Estimates
EVGO Inc is expected to release the next quarterly earnings on August 9, 2023. Analysts estimated an EPS of -0.263 and revenue estimate of $29.455 Million.
If the company’s business performed well in the previous quarter and succeeded to meet the estimates. Then the probability of recovery in the stock price will substantially increase.
On the other hand, if the company disappoints in EPS or in revenue front then it may raise concern for the long term investors.
Conclusion
EVGO Stock Price (NASDAQ: EVGO) is near the demand zone and consolidating for the base formation. The next direction in the Evgo shares is expected to be visible after quarterly results. The possibility of recovery in stock remains high.
Technical levels
- Resistance levels: $5.00 and $6.50
- Support levels: $3.45 and $3.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets 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/2023/07/23/evgo-stock-will-evgo-stock-price-recover-ahead-of-earnings/