Shares of the Blink Charging Co. BLNK are getting close to an important resistance level.
If they can break out and trade above it, there’s a good chance they continue to move higher. But if they can’t, there’s a good chance they roll over and give back some of the recent gains.
Resistance is a large number of investors who are trying to sell at or close to the same price. In this case, it’s $44.
Stocks frequently sell off after they hit resistance. That’s what happened with Blink Charging in April and June.
If the stock breaks, or trades above this important level, it will show that the investors who created the resistance have left the market. With this large amount of supply out of the way, buyers will need to pay higher prices. This could form a new uptrend.
To learn more about charts and trading check out the new Benzinga Trading School.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.