Tight Consolidation in Stem

NYSE:STEM   Stem, Inc.
Clean-energy stocks have been one of the strongest parts of the market lately, and today’s chart focuses on a new battery-tech name: Stem.

The first pattern is the quick uptrend in late summer, fueled by the Inflation Reduction Act and strong quarterly results on August 4.

STEM halted at the December low of $16.76 and bounced twice around $13.60. The result is a potentially bullish “W” continuation pattern. Will traders expect more upside if the recent high is broken?

Next, the 50-day simple moving average (SMA) rose above the 200-day SMA last week. That “golden cross” may suggest its longer-term trend is getting more bullish.

Finally, MACD could be trying to turn positive again.

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