Nel ASA's Silent Meltdown: What the Charts Say Before the July 15 Verdict
27.06.2026 - 21:38:24 | boerse-global.de
The numbers are brutal, but the silence is even louder. Nel ASA shares ended Friday at €0.20, marking a weekly slide of nearly 9% and extending a monthly collapse that has wiped out more than 40% of the stock's value. Yet no fresh corporate news explains the selling pressure. The last official communication from the hydrogen specialist came on June 15 – the resignation of its CEO. Since then, the company has entered a strict quiet period ahead of its half-year report due on July 15, leaving the market to trade on momentum alone.
Technicians are now watching a narrow band of support. The stock has fallen below its 50-day moving average (€0.27) by 24% and sits more than 13% under the 100-day line (€0.23). Only the 200-day average at €0.21 remains within striking distance – a whisker above Friday's close. A decisive break below that level would open the path to the 52-week trough of €0.17, reached in February. On the upside, a clear recovery above the long-term average would be the first step toward stabilisation.
The relative strength index stands at 31.9, flirting with oversold territory. But with annualised 30-day volatility exceeding 85%, the RSI offers shaky guidance. The stock's spring rally – which pushed it to a 52-week high of €0.37 on May 25 – has all but evaporated. Year-to-date returns still cling to a slender 6.4% gain, but that margin is shrinking by the session.
Should investors sell immediately? Or is it worth buying Nel ASA?
Fundamentally, the picture remains strained. First-quarter revenue from customer contracts dipped 3.2% to NOK 148 million, while the operating loss improved only marginally to an EBITDA of minus NOK 100 million. The order backlog stood at roughly NOK 1.1 billion, supplemented by a small PEM order worth $7 million received in the period. These numbers form the baseline for the upcoming report, which will also need to show progress on the new pressurised electrolyser platform unveiled in May.
Until July 15, management is barred from investor discussions. The stock is essentially adrift, driven by positioning, sentiment and the looming verdict on whether Nel can translate its technology milestones into tangible financial momentum. If the selling continues, the €0.17 floor becomes a very real test. If the report surprises positively, a rapid mean-reversion rally is possible given the oversold extremes. For now, the market is waiting – and that waiting is costing investors dearly.
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