- NRGU has shown selling pressure in recent sessions.
- Buyers are looking exhausted, and sellers are getting charged.
NRGU stock ( Microsectors U.S Big Oil Index) price shows negative cues on the daily chart trading below the significant moving averages. The stock shows lower lows sequences and continues to tank. Furthermore, the stock has delivered a weaker performance in past sessions showing a cut of 35% in the last month.
Buyers are trying to attain strength, but aggressive bears still have the crucial battle. Bears are taking charge, and stock is under the hands of those who continue to make short positions and looking forward to breaking the stock below the support price of $300.
When writing, NRGU stock was at $315.68 during Friday’s market close showing a dip of 1.70%. Moreover, the trading volume was below average and dropped 8%. The price action indicates bearish signals and is not preferred for fresh buying.
NRGU stock is on the neck of the lower Bollinger band. However, the stock retested support of $300 multiple times and attempted a bounce from there.
NRGU stock remained in a range above the support of $300. Below the trajectory swings opens the gate toward the low of $240 as a strong support mark. On the other hand, if buyers lifted the price, the immediate lower high swing of $360 reacted as a barrier.
Daily Chart Formation of NRGU stock
The daily chart shows NRGU stock is at the make-or-break level below the 20-day EMA. However, the stock stayed in a narrow congestion zone of $300 – $400. The price is below the 20-day but holding the gains near the support mark. Moreover, a top tweezer pattern was also showcased on the chart suggesting a reversal from the supply mark near $380.
NRGU on 4 hour chart
On the 4-hour chart, NRGU stock rejects the 20-day EMA, where bulls try to escape the zone but cannot succeed. Then sellers got engaged with their strong hands to resume the selling and plunge the stock price.
However, the oil index price remained in the sellers’ hands, as Brent crude price also showed a dip in the past months, which has impacted the NRGU stock resulting in underperformance.
The RSI curve shows a negative outlook floating curve below the neutrality and a negative crossover on the index.
The MACD curve indicates that bears are trying to showcase crossover in the upcoming sessions as both signal lines converge.
Conclusion:
NRGU stock is at the make-or-break level below the 20-day EMA. Investors remain cautious, and volume also did not suggest any new trades.
Technical Levels:
Support Levels: $300
Resistance Levels: $480 and $500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.