CHPT | Bearish Continuation hence Short

NYSE:CHPT   ChargePoint Holdings, Inc.

1. After consolidation phase reversal is expected but price is continuously falling so no chance of bullish move in the near future.


1. A sequence of LLs, LHs and negative momentum is expected. The negative earning report on Sep 6th, further dropped stock to 4.96 but closed at 5.72.
2. Price as gone all times LOW and hit 4.96, creating a new lowest support level.
3. Bearish trend line is very strong. No signs of trend line break, hence not a good buy so far.
4. On Fib, price has touched the -38.2% (5.67) and can further hit -61.8% (5.05) level strong sell and no entry situation.
5. Bearish Flag (Continuation Pattern) spotted, hence strong prediction that rice can further fall to 5.05.
6. No bullish divergence.
7. On Weekly charts, 10-EMA is below 20-EMA, strong single to exit and no entry time so far.
8. Price is also below 200-EMA, hence no option for buy.
9. All Fundamental based ratios are on negative trajectory

1. Multiple bearish indications. No signs of bullish reversal so far.
2. Price has not entered into a consolidation zone, and further falling.
3. Hence sell your positions if you are holding.
4. If you want to buy then hold so far now buying indications.

BIAS 1 = SHORT- PLAN A (Now @ Market or SL at 5.05)

BIAS 2 = BUY- PLAN B, (Low Probability @ Buy Stop at 8.40)

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