Fuelcell Bullish, Bearish, or Boring?Well friends we've been wondering if Fuel Cell FCEL is net bullish or bearish over the last few weeks. Cases can be made for both positions. So it certainly isn't a boring stock!
Disappointing earnings caught investors by surprise and a nasty short term bear trend ensued after the recent bear run from FCEL's 2021 all time highs. First the good news. For long term investors buying long pretty much anytime after earnings were likely disappointed. It was good to see a close in the green today (March 17, 2021). Bears were making profit as FCEL started off two days in a row well below prior days close. So what does this mean? It means that the battle is on between bears and bulls was in their favor. it was definitely in the hands of the bears until Powell spoke but so was the entire market as it was predominantly waiting for direction. Tomorrows action particularly the first 30 minutes should give direction if a bullish 2nd wave has began or if this is a false break out and it returns to bearish direction.
FCEL definitely respected the monthly level and kept bouncing off of it. This rejection of definitively pushing below lower level of support shows a bullish direction and this recent bearish sentiment is merely an irrational sell off from Q4 earnings. This would likely also show that FCEL does not want in the near term to test again lower levels and instead wants to retest higher levels. After market and premarket action will be helpful in deciding if this is the case.
Bullish investors may want to note that it retraced in the last two hours of trading above yesterdays close in price action. Long term investors will want to see it not push below the downward monthly yellow level of 14.93 and to retest the upper levels . Short term possible profit targets could be the dull yellow daily resistance areas of 16.80 to 18.50 and the long term yellow levels of 21.70 to 29.79. Even if there is a short term bearish momentum, overall FCEL seems to be a long term bullish investment.
For entertainment and education purposes. Not invest advice.
