💧📈 BLOOM ENERGY ANALYSIS
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Shares of Bloom Energy climbed sharply after the renewable electric power provider announced a $4.5 billion supply agreement with SK Group.
The subsidiary of the South Korean Group, SK Ecoplant, agreed to purchase at least 500 megawatts of power from Bloom Energy (ticker: BE) through 2024. That represents a $4.5 billion revenue commitment from SK, according to a press release. SK Group also plans an equity investment of about $500 million.
Bloom Energy and SK Ecoplant also agreed to create hydrogen innovation centers in the United States and South Korea.
Bloom Energy jumped more than 35% to $27.31 on Monday. The stock has fallen 4.57% year to date.
The partnership between the two companies began about three years ago.
Clean energy company Bloom Energy provides power by converting natural gas and hydrogen into electricity. Bloom Energy’s servers are used by companies such as Home Depot and Stop & Shop.
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Since 25.10.2021 the stock is consolidating within an area ranging from $28.15 - $25.17.
WHAT DO I EXPECT NEXT?
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I can imagine that the Bloom Energy stock will continue to consolidate within the range and might break out of its consolidation channel as soon as the entire market has strength. If the stock moves above $28.15 with higher than average volume, it might be beneficial to buy the stock. When the stock price closes below its temporary low at $25.17 the trading scenario is invalid.
What are your thoughts? Leave a comment down below 👇
