Chargepoint Holdings Inc. is an US American electric vehicle infrastructure company. Founded 2007 as Coulomb Technologies, headquartered in Campbell, California, US and traded under the ticker $CHPT at NYSE, it is a component of the Russel1000 index. First of all, Chargepoint operates the largest online network of independently owned EV charging stations operating in 14 countries. Moreover, it makes the technology used in it. While 2017 it owned 36’000 stations, in January 2023 this number went to 225’000. Without any doubt, that augmentation demonstrates an obvious demand for EV infrastructure.
Currently, we can see energy market looking for next turn higher. Also from the fundamental perspective, energy in general and electricity in particular should remain determinant for society and economy. Therefore, an investment in shares of an EV infrastructure company can provide an exposure to the rising prices in this segment. Hereby, Chargepoint Holdings Inc. as a market leader should remain an excellent investment candidate.
Chargepoint weekly Elliott Wave analysis 05.30.2023
The weekly chart below shows the Chargepoint shares $CHPT traded at New York Stock Exchange. From the all-time lows, the stock price has developed a cycle higher in wave (I). It has printed the all-time highs in December 2020 at 49.48. Within the impulsive advance in wave (I), red wave III shows an extension. From the 2020 highs, a correction lower in wave (II) is unfolding as an Elliott wave zigzag pattern being a 5-3-5 structure.
Firstly, 5 waves of red wave a have ended in April 2021 at 19.04 lows. Secondly, a bounce in 3 swings as red wave b has set a connector in June 2021 at 36.86 highs. Finally, 3rd swing lower in red wave c is unfolding as an ending diagonal. As a matter of fact, break of 19.04 lows has opened a bearish sequence. As long as price holds below 36.86, it can reach deeper towards weekly support area. Investors and traders can be looking to buy $CHPT from 6.45-0.00 area. There, blue wave (II) should find its bottom and next bullish cycle in blue wave (III) should start. The target for blue wave (III) will be 49.48 and higher.
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