Blink Charging Company (BLNK) owns, operates and provides charging stations and equipment for the EV sector. The fundamentals are often reflected in charts through price patterns and structures and right now, the entire EV sector has shown improvement.
From a technical point of view, BLNK price structure is presenting a small higher low consolidation pattern. These tend to lead to momentum continuation and right now that momentum is bullish.
A break beyond the low 40s, and this stock can reach the low 50’s within a month or two if the market cooperates overall. IF price breaks the support (37.50) instead, that would negate the trade idea and likely lead to a test of the low 30’s.
PLEASE KEEP IN MIND: The stock market is at all time highs. This is FAR from a support level which means the risk of retrace for the broader market is high. Another layer of RISK to consider is if the stock market retraces dramatically, the majority of stocks will be adversely affected in some way. For this reason, it would be wise to make every effort NOT to be overly exposed around such levels. You don’t have to avoid new longs, just consider your overall exposure carefully.
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BLNK And EV Sector Comeback?
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Here is the swing trade idea:
Buy Stop: 40.5
Stop Loss: 37.50
Target 1: 43.50
Target 2: 46.50
Target 3: 49.50
Please respect the stop loss. While the price structure may be favorable at the moment, things can change very quickly. IF 37.50 is taken out, the low 30’s or even 20’s is a possibility. If you can’t handle risk or afford to lose money, you should not risk REAL money. Paper trading is a good way to learn.
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