- The Blink Charging stock price has risen 43.5% in a month.
- Many are now asking whether the rally will continue.
- Read on to find out if now is a good time to buy or sell BLNK stock.
The Blink Charging Co (NASDAQ: BLNK) stock price has risen 43.5% in one month amid a broad stock market rally that has defied the Federal Reserve’s recent 75 basis point hike. However, the rally has left many wondering whether the good times will last or if there is a potential pullback lurking in the shadows.
It is hard to predict what will happen to a specific company’s stock price in the future, but we can use a few factors to arrive at a probable direction. Recently, concerns have surfaced about the possibility of Tesla opening up its supercharger network to owners of other electric vehicles.
Also read: The Best EV Charging Stocks To Buy Right Now.
Blink Charging is set to benefit from the 47.5 billion set aside by the US Federal Government to boost the EV sector. However, as a minor player in the EV charging sector, Blink charging has about 36,000 EV charging stations and lags behind industry leader ChargePoint, which has close to 200,000 chargers in the US and Europe.
Competition in the EV charging networks sector is heating up, but luckily, the number of EVs in the US is growing, with 5% of the new cars bought in the US last year being EVs. Therefore, the EV changing segment has significant growth potential, but with more companies competing for the same customers, some might be driven out of business.
The recent rally in Blink Charging’s share price has left it trading at $22.50, with the next resistance level at $25.50. BLNK stock is currently trading in the middle of a wide range, which is not a good location for either a buy or sell trade.
The best course of action when the price is within a trading range is to buy at the bottom and sell at the top. However, buying or selling in the middle exposes you to potential moves in either direction and the high risk of incurring losses.
Therefore, I would wait for the stock to retest its recent lows at $18.30 or to bounce off the $25.50 resistance level before buying or selling.
*This is not investment advice. Always do your due diligence before making investment decisions.
Blink Charging stock price.
The Blink Charging stock price has risen 43.49% in the past month. Will it keep rising?