$NYSE:NRGV poised for a breakout with multiple Price TargetsThe global push towards a cleaner energy future is accelerating, but a significant piece to the puzzle remains: the intermittency of renewable energy sources like solar and wind. This challenge has fueled a market for energy storage solutions.
Energy Vault ( NYSE:NRGV ) develops sustainable energy storage solutions designed to utility-scale energy storage for grid resiliency. The company's proprietary, gravity-based Energy Storage Technology and the Energy Storage Management and Integration Platform are intended to help utilities, independent power producers and large industrial energy users.
The company recently announced a significant 1.0 GWh energy storage project in Australia, which was highlighted by the CEO in a recent interview with MarketBeat's Bridget Bennett. Energy Vault's most recent project serves as a testament to its unwavering commitment to global expansion, underscored by the recent recognition it received from TIME magazine as one of the Best Inventions of 2024 for its groundbreaking gravity energy storage technology.
Analysis
Looks like this is setting up to break the $2.56 resistance line.
Observations:
This appears to be ready to break out of multiple patterns, which will present multiple near term price targets
$1 upside (~$4)... very close to the head and shoulders pattern PT of $3.80.
Falling wedge pattern PT of $7.17
- Squeeze momentum is building and firing.
- Current volume doesn't come close the the recent spike, but it is above the MA volume.
Entry Point ~$2.60 (or above) - after a closing above the $2.56 resistance
