Blink Charging Co. (BLNK) Shares rose more than 15% during Tuesday’s session after the company signed a deal with Cushman & Wakefield plc (CWK), a real estate services company that markets and may deploy Blink charging stations across its entire customer base in the United States. The move follows similar deals and strategic partnerships that aim to grow Blink Charging’s presence across the country and around the world.
The company believes its IQ 200 devices are the fastest Level 2 AC charging stations on the market, offering a maximum output of 80 amps to deliver up to 65 miles of charge in just one hour. Investors are betting that the company’s technological advantage and ambitious expansion plans could justify its growth Market capitalization Given sales last quarter of just $ 1.3 million on a GAAP loss of approximately 11 percent per share.
The move also follows similar bullish moves across the EV space in recent months. In particular, Tesla, Inc. (TSLA) Stocks have traded more than 530% since the start of the year after the company posted strong sales and earnings in the second quarter. The four quarters of the EV maker’s profitability could be added to the S&P 500 index.
Technically, Blink Charging Co. stock rose to retest its previous highs of $ 14.58. The Relative Strength Index (RSI) remains oversold at 72.21, but the moving average convergence divergence (MACD) is still on an uptrend. These indicators suggest that the stock could experience some consolidation in the short term before continuing its climb, especially if there aren’t any significant catalysts in the upcoming sessions.
Traders should watch out for consolidation between their highs of $ 14.58 and reaction highs of around $ 10.00 in the upcoming sessions. The volume by price chart shows that most of the trading took place at around $ 7.50 with another wave occurring last month at $ 11.30. These price levels could become key areas of support when the stock moves down. If the stock breaks higher, traders could see a move towards new highs.
The author has no position in the stocks mentioned, except through passively managed index funds.