ITM Power stock: Is this the redemption?

The ITM Power share seems to want to finally say goodbye to the price basement. The share started today’s trading strongly with gains of almost four percent by mid-morning. The share price has thus risen above the 6-euro line.

The bulls were able to surpass it the previous day, but were unable to defend this success until the close of trading. Now they have not only succeeded in doing so. At the same time, a new 6-month high was set up, and so the mood of optimism is currently spreading. Despite some negative developments in the current year, the long-term upward trend seems to be unbroken.

Improvement in sight

Right from the start, the ITM Power share was seen as an exception in the hydrogen sector. Especially in the first half of the year, the sector had to struggle with the fact that the almost boundless hype came to a standstill. This resulted in severe price corrections for many companies in the sector. ITM Power was also unable to completely escape this.

In contrast to most of its competitors, the shares of the British company quickly returned to an upward trend after a series of losses in the spring. Now that sentiment has brightened a bit again, this seems to be picking up decent momentum right now.

These lines are now important for the ITM Power share

If the ITM Power share can stabilize above 6 euros, buyers can soon set their sights on the next resistances. These include the interim high from the beginning of March at 6.38 euros, the overcoming of which would in principle clear the way towards 7 euros.

The outlook is therefore brighter than it has been for months. Of course, this does not guarantee profits, and every recovery is always accompanied by the risk of a countermovement due to profit-taking. However, this should not diminish the recent successes.