FuelCell Energy (NASDAQ:FCEL) managed to make a comeback in the markets yesterday after its stock went through a major slump in the past weeks. The stock ended the day with gains of as much as 13% yesterday.
Trading Data
On Thursday, FCEL stock fell 2.86% to $4.07 with 19.65 million shares, compared to its average volume of 26.92 million shares. The stock moved within a range of $3.9900 – 4.2800 after opening trade at $4.01.
Major Trigger
However, those who are hoping for a sustained recovery need to keep in mind that over the course of the past month, the FuelCell stock is still down by as much as 30%. Investors who are interested in the stock need to first note that back in December last year, it had been in the middle of a major selloff and had declined by as much as 40.1% for the month.
It was the outbreak of the Omicron variant of the COVID-19 virus that led to the heavy selloff in the stock. However, that was not the only reason behind the selloff. The outbreak had led to macroeconomic panic and in addition to that, the disappointing financial results delivered by FuelCell had been another factor behind the crash in the stock price.
However, the rebound that was witnessed on Thursday is expected to keep many investors interested in the stock and it remains to be seen if it can inch upward or not.
Technical Data
FCEL stock is trading below the 20-Day and 50-Day Moving averages of $4.49 and $5.91 respectively. Moreover, the stock is trading below the 200-Day moving average of $7.43.
