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- Ceres Power shares fall to an annual low after China joint venture delays.
- Ceres Power wins MacRobert Award for SteelCell technology.
- CWR stock price is trading at £328.4 with a return of -0.06% in the past intraday session.
Ceres Power Holding PLC is a Horsham-based clean energy technology company focusing on developing and commercializing solid oxide fuel cell technology. It recently won the MacRobert Award for SteelCell technology or reversible fuel cell.
Is Ceres Power Affected By China JV Delays?
Ceres Power was drastically affected by the China Joint Venture delays; CWR stock price witnessed an annual low of £273.0 on 6 July 2023. However, the stock price has been under the control of bears in the market ever since it achieved an annual high at £518.0 on 8 February 2023.
Furthermore, the year-to-date, six-month, and three-month returns also reflect the downward momentum in the market, with -4.12%, -25.55, and -12.57 returns, respectively.
Ceres Power Performs Spectacularly in the Clean Green Energy
On 13 July 2023, Ceres Power won the UK’s most prestigious engineering prize, the MacRobert Award, at the Royal Academy of Engineering Awards Dinner at the Londoner Hotel, Leicester Square.
Moreover, this award win was also witnessed on the candle graph, where CWR stock price surged about 39% in just one week. From the low of £323, the price went on to form a high of £444.8. With this spectacular performance, the bulls got a stronghold for a short time frame.
The stock price has been hovering near the 13 July low of £323. If the bulls gain momentum, they can push the price above the £389 level.
On the contrary, if the downward momentum sustains, the bears can pull the price below the previous low of £273.0.
Technical Analysis of Ceres Power Holding PLC.
CWR stock price is currently trading below the 20, 50, 100, and 200-day EMAs, indicating weakness and a rise in sellers’ participation in the market.
The relative strength index (RSI) trades at 44.4, and it denotes bearish momentum in the market during the intraday session. However, the CMF (chaikin money flow) score has traded below the 0 mark since 24 February 2023. CMF scored -0.01, indicative of weakness in the market.
The current market capitalization of AVCT stock price is £632.99 Million, with an average volume of 276K shares.
Conclusion
With the recent development in Ceres Power Holding PLC, there is hope for growth in the future, but for now, the market sentiment is showing bearish momentum. Now, there is a bit of fluctuation in the weekly candle. Investors should look for a long-term time frame as the current momentum in the market is uncertain.
Technical Levels:
- Major support: £307 and £273
- Major resistance: £518.0 and £444.8
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.
