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- 1 EVGO stock price gained +22.09% during the intra-day session.
- 2 EVGO is in an uptrend after reporting a smaller than expected loss for the quarter 4 2022.
- 3 EVGO price above the 20,50,200 and 200-day EMAs.
EVGO started its bullish rally at the start of 2023, made a high at $7.70 and closed at $7 level after which the price came down to $5.20 level making lower lows and lower highs. The price was in a downward channel since april and price recently broke the upper trend line after the release of quarter 4 results making 22.09% gain in a span of two days.
Evgo price did an impulse move after the release of the quarterly report and there is a chance for pullback to make a strong support for the price to move further bullish. If price can break above the $7 zone we could expect a bullish move towards the $9 level.
Technical analysis of EVGO stock:
The RSI curve on the daily basis is moving towards the overbought area with strength at 66.41 after making the impulse move towards the upward direction. The median line is currently at 45.66 and might act as a support for the RSI if we have pullback.
On a 4 hour basis, as the price reached the $7 level, it rejected it and formed a bearish candle which can be seen as a pullback for the price. On a 4 hour basis, RSI curve reached the overbought zone and price rejected the $7 bringing the RSI curve at 69.32 strength.
EVGO price has crossed the upper band of the bollinger due to impulse moves indicating a pullback on the daily basis as well as the 4 hour basis. The bollinger band has opened up showing high volatility in the market.
The +DI is currently above the -DI with the ADX of 11.52 indicating low trend strength as price started to come down on the smaller time frame. On an hourly basis the ADX has started to dip as price reached the resistance with adx at 12.12.
Conclusion:
EVGO has made an impulse move to upwards but sustaining this move would be difficult for the price. Hourly time frames have made a bearish structure indicating a pullback which is the current requirement for the price so as to make a support and continue its bullish move. Markets have already absorbed the news. The price action and market structure on the higher time frame is bullish but for further continuation price needs to break above the $7 zone. The technical parameters are suggesting a pullback.
Technical levels:
Major support : $3.60 and $5.20
Major resistance : $7 and $9
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 assets comes with a risk of financial loss.
