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$CHPT for NYSE:CHPT by FactorFour

Even with the electric vehicle revolution in full swing, not everyone sees the bull thesis for ChargePoint.
Indeed, CHPT stock was cut in half from the the beginning of 2021 to mid-September, so clearly investor sentiment is at a low point.
This could present an opportunity for folks with a tolerance for volatility . After all, the essence of contrarian investing is to get excited when others are fearful.

There’s something about the $20 price point — it’s like a magnet for CHPT stock in 2021.

Without a doubt, it’s probably frustrating for the long-term stockholders.

As you may recall, ChargePoint shares propelled as high as $44.50 in January of this year.

The sentiment was riding high, but it wasn’t the best time to take a long position. CHPT stock slipped to $20 in March.

Believe it or not, the stock rose and fell back to that same $20 level in April, and then again in May, and once more in August. As of Sept. 23, it was back to $20 and change yet again.

At least we can say there’s strong support at that level.

When we look at the chart you can see price has been stuck in a fall wedge foe quite sometime now.

As it comes to the end of it’s pattern and sits right at long term support it might be something you want to keep your eyes on for a break to the upside.

Along with that, you also have the MACD flat.
RSI below 50.

I suggest keeping this on your watchlist.

– Factor Four

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