Nel ASA Stock Breaks Through Chart Resistance, Signalling Potential Rally Highs

Nel ASA is a Norwegian hydrogen company whose stock has seen strong gains since the Christmas holidays. Recently, it broke through chart resistance at 15.44/15.65 NOK and hit a new rally high of 16.35 NOK. This is accompanied by a new chart buy signal, providing potential support in the event of a pullback at 15.14/15.23 NOK and 13.03/13.28 NOK respectively. If this buy signal holds, the stock could continue to rise towards 19 NOK and 20.05/20.44 NOK, with 21.00/21.45 NOK being further potential resistance points. However, investors should be aware of the company’s high volatility and risk due to its ambitious valuation relative to other stocks on the market.

Hydrogen as a Renewable Fuel Source

Hydrogen has become increasingly popular in recent years as a renewable fuel source. Hydrogen can be used to generate electricity and power vehicles, and it produces no harmful emissions when burned. It is also abundant, making it an ideal fuel for the future. Hydrogen can be produced from water through electrolysis, or by using natural gas or biomass sources. Additionally, hydrogen can be stored and transported easily, making it an attractive option for many applications. As technology continues to advance, hydrogen will likely play an even larger role in the global energy landscape.
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Picture source: Terry Vlisidis