Nel ASA share: Focus on technical chart support - financial expert warns of impending price losses

Nel ASA share: Focus on technical chart support - financial expert warns of impending price losses

According to a report by www.4investors.de, Nel ASA shares remain in a downward trend. The share price fell slightly and reached 6,644 Norwegian kroner, down 2.4 percent. The technical chart support zone around 6.68/6.70 Norwegian krone is in focus, which could create additional pressure on the share price.

The bearish lows of 6.30 Norwegian Krone are not far away and the downtrends remain intact. New chart technical sell signals could put additional pressure on the share price. A stable breakout above the 50-day line at 7.723 Norwegian krone would be seen as positive, but this would not yet be associated with a downtrend break.

It remains to be seen whether a bottom formation above 6.30 Norwegian krone is possible. Further downside could take the stock to 6.03/6.09 Norwegian Krone and 5.578 Norwegian Krone, with the latter serving as weak technical support. A price rise above 7.23/7.30 Norwegian krone, on the other hand, could provide smaller signals of relaxation, but without meaning a break in the downward trend.

The Nel ASA share is currently trading at 0.597/0.602 euros, and the technical chart data shows that the situation remains precarious as important supports have not yet been reached. A stable breakout above the 50-day line is therefore considered a positive signal but requires further confirmation.