ChargePoint Holdings Inc (NYSE: CHPT) gains momentum and here’s why

ChargePoint Holdings Inc (NYSE: CHPT) had some massive call buying for the Sept Monthly $22 calls, yesterday. This gives CHPT about 6 weeks to break this resistance and push higher. In the recent past, CHPT has held it’s ground in the $10-$12 range and built a nice base for itself now as it looks to take another run at the $16 level. This level also seems to be the neckline of the inverted head shoulders pattern on the daily chart as well.

So why is CHPT surging ?

Political momentum could be the prime reason. As the budget recently included environmental provision so EV companies and green energy companies got a boost from that, if nothing more than in the sentiment of investors to the space. Could this be the starting line for CHPT to make it’s next run higher? Well, it certainly looks charged up and ready to go (pun intended) and one should look for a break off that 200 SMA overhead.

Other EV stocks to watch out include NKLA, TSLA and RIVN.

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Published by Alan Masterson

Alan has over 25 years of trading experience in the U.S. equity markets. He began his career in finance working on a program trading desk specializing in over-the-counter stocks. His career progressed from that point to his current position as senior trader on an institutional trading desk. In the evenings, Alan teaches economics at a local community college. He has contributed articles to various publications over the last six years, including feature articles for an economics magazine and various financial blogs. You may contact Alan via his email (alanmasterson@wallstreetpr.com) or his Google+ page (https://plus.google.com/103338576216002376250).