After three days of choppy price action, the Inspirit Energy share price is trading flat on the day after recovering from earlier lows seen in the session. The price action started on a negative note after the stock opened trading with a bearish gap at 0.0360, which was below Tuesday’s close at 0.0376.
The Inspirit Energy share price has been range-bound for most of the last two weeks, as the price action looks for direction following the correction from the 27 June spike. The stock surged 150% on that date after the company announced a positive update regarding its waste collection technology.
It has faced challenges from the war in Ukraine and has been forced to move most of its research and testing work to Poland. The spike was immediately followed by a steep correction, which fulfilled the expectations of technical analysts.
Typically, a sharp spike is expected to be followed by a correction of a similar fashion. Currently, the stock attracts very low volumes and traders will need to see more fundamentals before trading volumes start to pick up.
The price uptick of the day keeps the Inspirit Energy share price above the 0.0352 support level. This puts the price action within the range, with the 0.0398 resistance (22 July high) serving as the ceiling. Any recovery on the stock requires the bulls to clear this ceiling, which will give them clear skies to target the 0.0456 resistance mark.
Above this level, additional barriers to the north are seen at the 0.0526 price mark (13 December 2021 high) and the psychological resistance at 0.06. On the flip side, the bears need to break down the range’s floor at 0.0352 to gain access to the 0.0300 price mark.
This price mark is a psychological price level that also houses the 12 May and 24 May 2022 lows. A further decline below this pivot targets the 0.0250 price mark (3 March and 5 April lows). 0.0218 forms an additional southbound target, being the site of the 10 March 2022 low.
This post was last modified on %s = human-readable time difference 14:14