- Blink Charging Company shares trade 4.72% lower on Friday.
- The price is now in a consolidation mode and the next resistance is at USD 13 per share.
BLNK Stock
Blink Charging Company (NASDAQ:BLNK) shares are struggling at the end of the week. After the companies great run of late rising 361% since 25th June and now it seems the bulls have stalled. The firm has been winning contracts all over the US and also received a grant to deploy 200 Blink Fast Level 2 charging stations across the mid-Atlantic region, including Virginia, Maryland, West Virginia, and Washington D.C.
Looking closer at the chart, the price has now stalled into a consolidation pattern between USD 14.56 and USD 10 per share. The top of the pattern is marked by the black downward sloping trendline. If this level breaks then the bulls could look to target the high of USD 14.56 per share and maybe keep the trend going. On the bearish side, the price has now broken below the 55 Exponential Moving Average. This is not the end of the world as the price has done this before and moved back higher but it is not a bullish sign.
If USD 10 per share breaks then it could be safe to assume the market is moving lower. There is another resistance zone underneath that at 8.50 and this could be considered the main support on the chart. The indicators are looking mixed. The Relative Strength Index is above the 50 area but only just. The MACD histogram is red but more importantly, the signal lines are hanging on above the zero line. All in all, the price is still in an uptrend but next week it would be important to see if the psychological USD 10 per share level holds if it does it could be a positive step for the company.
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