Chargepoint Stock Sees A Big Jump: What's Going On Today?

ChargePoint Holdings Inc. CHPT shares are trading higher Monday as the sector for EV and EV charging companies are trading higher. The U.S. House of Representatives passed a $1.2 trillion infrastructure bill, which includes $7.5 billion of funding to create a nationwide network of EV charging stations

ChargePoint Holdings was up 10.81% at $278.32 Monday morning at publication.

ChargePoint Holdings Daily Chart Analysis

• The stock has been taking off and is approaching resistance in what technical traders call a descending triangle pattern.
• The $20 price level is an area where the stock has been able to hold as support, while a lower high trendline is where the stock has been finding resistance. These levels may continue to hold until the stock breaks out of the triangle pattern.
• The stock trades above the 50-day moving average (green) and crossed above the 200-day moving average (blue) Monday, indicating the sentiment in the stock is likely turning bullish.
• Each of these moving averages may hold as a potential area of support in the future.
• The Relative Strength Index (RSI) has been pushing higher the past couple of weeks and now sits at 72. The RSI has now entered into the overbought range showing there are many more buyers than sellers in the stock.

What’s Next For ChargePoint Holdings?

Bullish traders are looking to see the stock continue to push higher and break above the lower high trendline. A break above this lower high trendline may show the stock is ready to change trends and see a longer-term trend change.

Bears are looking to see the stock continue to trade within the pattern and go on to break below the $20 support level. If the stock could consolidate below this price level it may indicate that the stock is ready to see a further bearish push.

Photo: Courtesy ChargePoint