Can Freyr Claim the High Ground?
Freyr Battery has been getting attention from Wall Street lately. A Goldman Sachs upgrade on August 25 triggered the first big jump. Morgan Stanley followed with positive commentary four weeks later.
Those bullish calls have left some interesting patterns on the green-energy company’s chart. First, notice how FREY has muscled above April’s peak around $13-$13.50. If it holds, that could suggest old resistance has become new support.
Next, the eight-day exponential moving average (EMA) has remained above the 21-day EMA since prices started rallying in July. That could suggest buyers remain in control, which is especially interesting given weakness in the broader market.
Given this relative strength, traders may watch FREY for a potential breakout if the S&P 500 stabilizes further in coming sessions.
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Those bullish calls have left some interesting patterns on the green-energy company’s chart. First, notice how FREY has muscled above April’s peak around $13-$13.50. If it holds, that could suggest old resistance has become new support.
Next, the eight-day exponential moving average (EMA) has remained above the 21-day EMA since prices started rallying in July. That could suggest buyers remain in control, which is especially interesting given weakness in the broader market.
Given this relative strength, traders may watch FREY for a potential breakout if the S&P 500 stabilizes further in coming sessions.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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