A hydrogen stock with a once-in-a-lifetime buying opportunity?
After the announcement of a major order, the Norwegian hydrogen company was able to shake off the previously rather bearish tendencies in July and shot north like a phoenix from the ashes.
After two amazingly strong days, however, the euphoria surrounding the Nel ASA stock was curbed again and the expected profit-taking occurred.
The high distance to the 50-day line was subsequently corrected with a correction over time and so the prices currently oscillate back and forth between around 1.51€ and 1.68€.
In yesterday’s trading session, a few weak hands may have been shaken out of the market, as support was briefly violated. In the end, however, the share closed at the day’s high.
An extremely convincing signal that the journey should probably continue upwards from here.
In the short term, one thing is clear. If the now triggered buy signal holds, then the low of yesterday’s trading session must not be broken under any circumstances.
The risk to the downside is therefore clearly defined.
To the upside, it becomes exciting again around the level of 1,68€.
Here, the bulls would need more energy to ignite another turbo run.
As a result of a turbo run, the journey could well go to the pivot high* of March, which was formed just below the level of 1,80€.
Currently, I see more opportunities than risks here, although the upward movement is of course, as always, not set in stone.
I am currently trading the NEL stock on the Bitpanda broker, it offers two advantages:
I get an extra bonus after each trade through their new Instant-Trade-Bonus feature (This activates automatically once you hold 10 shares of the in-house token BEST).
NOK vs. EUR:
Furthermore, I can trade the NEL stock in Euro and do not have to use Norwegian Kroner.
This is not intended to be financial advice, this article only reflects my opinion and is for entertainment purposes.