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Ballard Power: A Tricky Question

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The buyers of the Ballard Power share started the attack on Monday and were immediately beaten back. Although the share price peaked at 4.39 US dollars and thus reached a new high for the year, it was not possible to maintain the increased price level afterward.

The price fell back to 4.24 US dollars by the closing bell. It thus fell below the previous high for the year, which had been reached on 28 May at 4.27 US dollars. The exciting question as to how this breakout attempt is to be evaluated is likely to be answered in the next few days.

If the market’s answer in the sense of the bulls turns out to be correct, then the price setback on late Monday is a classic return to the breakout level, i.e. the resistance that had to be overcome. If this test is passed, we should soon see new annual highs of more than 4.39 US dollars. Possible targets, in this case, would be the high of USD 4.49 marked in October 2018 and the high of USD 4.62 marked in September 2018.

However, if the outbreak on Monday proves to be a false outbreak in the coming days, a reset to the low of USD 3.94 on July 19 must be expected. Just below that, at 3.92 US dollars, the value would then hit the 50-day line. It still rises and, if successful, could trigger a new rebound upwards.



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