FCEL: Trading near a Key Point!
Hello traders and investors! Let’s take a look at FCEL today! This one is quite popular now, and it dropped a lot today. So, let’s see what’s going on here.
First, in the hourly chart FCEL just did what several other stocks and indices are doing today: Reached a previous support level. In this case, the purple line at $ 6.59 is the most important support to keep in mind here. If FCEL loses this support it could seek for the green line at $ 5.00, or even the $ 3.45.
But keep in mind that support levels are buy zones, as the Risk/Reward ratio improves dramatically near these levels.
Now, let’s look the daily chart:
Yes, it is dropping 16% right now, but we have a bullish candlestick in a support area, which is a good sign. I would be happier if FCEL hits the 21 ema, but we can’t count on that.
The volume is very high, and since it peaked (along with the price) on Nov 24, it is decreasing a little. This tells me that what we have here is just an exhaustion, rather than a real sell-off, and this means that this is just a pullback, not a reversal sign.
Usually, pullbacks are opportunities to buy, and if FCEL continues behaving this way, it’ll be a great sign for the stock. And if you liked this analysis, remember to follow me to keep in touch with my daily updates, and please, support this idea!
Thank you very much. Stay safe.
First, in the hourly chart FCEL just did what several other stocks and indices are doing today: Reached a previous support level. In this case, the purple line at $ 6.59 is the most important support to keep in mind here. If FCEL loses this support it could seek for the green line at $ 5.00, or even the $ 3.45.
But keep in mind that support levels are buy zones, as the Risk/Reward ratio improves dramatically near these levels.
Now, let’s look the daily chart:
Yes, it is dropping 16% right now, but we have a bullish candlestick in a support area, which is a good sign. I would be happier if FCEL hits the 21 ema, but we can’t count on that.
The volume is very high, and since it peaked (along with the price) on Nov 24, it is decreasing a little. This tells me that what we have here is just an exhaustion, rather than a real sell-off, and this means that this is just a pullback, not a reversal sign.
Usually, pullbacks are opportunities to buy, and if FCEL continues behaving this way, it’ll be a great sign for the stock. And if you liked this analysis, remember to follow me to keep in touch with my daily updates, and please, support this idea!
Thank you very much. Stay safe.
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