[26 July 2024]
Today, Friday 26 July 2024, StockCharts365.com has taken a closer look at an exciting share on the Oslo Stock Exchange: Nel ASA (NEL).
Analysts are divided in their opinions about the further development going forward for the NEL share, and StockCharts365.com has today taken a closer look at the technical picture for the share and what signals it gives for the share.
Read more about this below in the case here with the technical analysis of the NEL share here today.
First, a little about the company Nel ASA (ticker on the Oslo Stock Exchange: NEL)
At Nel, our vision is all about ‘Empowering generations with clean energy forever’. Our technology allows people and businesses to make everyday use of hydrogen, the most abundant element in the universe.
Nel has a history tracing back to 1927 and is today a leading pure play hydrogen technology company with a global presence. The company specializes in electrolyser technologies for production of renewable green hydrogen. Nel's product offerings are key enablers for a green hydrogen economy, making it possible to decarbonize various industries such as transportation, refining, steel, and ammonia.
Why we believe renewable hydrogen will be number 1 in the future:
The world needs a new energy carrier to replace oil and gas
Hydrogen is the element with the highest energy density
Through electrolysis hydrogen can be produced from water and renewable energy
Access to renewable energy is practically infinite
The electric grids do not have the capacity to handle the entire future energy demand alone
The demand for stable energy supply diverge from the fluctuating nature of renewable energy production in general
Large scale introduction of renewable energy is dependent on energy storage solutions
For more information about the company, visit their website here:
Technical Analysis of Nel ASA (ticker on the Oslo Stock Exchange: NEL)
Charts are from the technical analysis program Vikingen.
Technical Analysis of Nel ASA (ticker on the Oslo Stock Exchange: NEL):
Today, StockCharts365.com has taken a closer look at what the technical picture for Nel ASA (NEL) indicates about the further development of the stock in the short and medium term.
Several positive technical signals have been triggered for the NEL share recently.
The stock recently broke above both the 50-day and 200-day moving averages, and there is now significant technical support for the stock around the current price level.
Furthermore, the 50-day moving average has broken above the 200-day moving average, what is called in technical analysis the 'Golden Cross signal'.
This gives a strong technical buy signal and signals that both the short-term and medium-term trend for the share has turned from negative to positive.
Various momentum indicators such as RSI, Stochastics and MACD underpin the otherwise positive technical picture for the share, and signal further growth for the share.
The first significant resistance level is around NOK 7.50 - 8.00 (cf. chart), and further up around the upper trend line in the new and rising trend that has begun for the share (around NOK 10.00 - 12.00 in the 3-6 month term).
StockCharts365.com's own analysis models, 'The SignalList' and 'The TradingList', are both in a buy signal for the NEL share.
Based on this overall positive technical picture for the NEL share, StockCharts365.com considers the share an exciting buy candidate at today's price level, and sees the share as a doubling candidate in as short a time as the next 6 months.
What could potentially change the currently positive technical picture for the share would be if it were to break below the NOK 5.00 level.
When the share is currently traded at around NOK 6.10, and with a potential that StockCharts365.com considers to be up to NOK 8.00 - 12.00 in the 3-6 month term, and with a stop-loss in the event of, for example, a possible break below NOK 5.00 - level.
Yes, StockCharts365.com considers that the NEL share is now an exciting buy candidate with a very good Risk-Reward Ratio.
NB! Remember to have read and understood the disclaimer.
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