What's Next For Blink Charging As It Breaks Out Of A Pattern

Blink Charging Co BLNK shares are trading higher Friday after the company announced better-than-expected third-quarter sales results. Roth Capital also upgraded the stock to a Buy rating and raised the price target to $45.

Blink Charging was up 12.81% at $40.06 Friday afternoon at publication.

Blink Charging Daily Chart Analysis

• The stock looks to have broken out of what technical traders call a falling wedge pattern and has been flying higher since.
• Price has been falling between narrowing highs and lows, with highs falling at a steeper slope than lows. The price was able to push past this resistance and breakout, possibly starting a new upward trend.
• The stock trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the stock is likely in a period of bullish sentiment.
• Each of these moving averages may hold as a possible area of support in the future.
• The Relative Strength Index (RSI) has been pushing higher the past couple of weeks and now sits at 67. This shows the stock has been seeing an increase in buying pressure.

What’s Next For Blink Charging?

Bullish traders are looking to see the stock continue to break out and push higher. Bulls are then looking to see the stock consolidate for a time while being able to hold the gains it made.

Bearish traders are looking to see the stock cool off and start to fall back lower toward the wedge pattern. Bears are looking to see the price fall below both moving averages for sentiment to change and for the RSI to lose ground and fall back toward the middle line.

Photo: Courtesy Blink Charging