• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • TheStreet Smarts
  1. Home
  2. / Investing
  3. / Stocks

Bloom Energy Isn't Generating Much Momentum

The shares of the producer of fuel cell systems for on-site power generation could go higher but the technical evidence isn't convincing at this stage.
By BRUCE KAMICH
Jan 10, 2023 | 08:00 AM EST
Stocks quotes in this article: BE

Bloom Energy Corp. (BE) was raised to an overweight rating (buy) by a major sell side firm here on Tuesday. Bloom makes  solid-oxide fuel cell systems for on-site power generation and recently expanded into Spain and Portugal to support the electrification of ports and the development of hydrogen production there. Let's check out Bloom's charts to see what may be ahead for its stock.

 
In this daily bar chart of BE, below, I see a sideways trend the past year. Prices have crossed above and below the popular moving averages several times. Trading volume increased into the August high and has been stable the past few months. The On-Balance-Volume (OBV) line shows twin lows in October and December. The Moving Average Convergence Divergence (MACD) oscillator has fluctuated around the zero line the past year and is currently below it.
 
 
In this weekly Japanese candlestick chart of BE, below, I see a neutral pattern with some positive clues. Prices have made higher lows from May but also lower highs from last November. At some point this tighter and tighter trading range could break out into a new trend. Trading volume has diminished through the pattern and that is typical. The OBV line has been steady the past two years. The MACD oscillator is slightly below the zero line.
 
 
In this daily Point and Figure chart of BE, below, I can see an upside price target in the $23 area.
 
 
In this second Point and Figure chart of BE, below, I used weekly price data and a five-box reversal filter (torture the data to give you the answer you want). A price target of $93 is projected -- a big leap of faith.
 
 
Bottom line strategy: The weekly Point and Figure chart suggests this stock has some bullish potential but the other charts are not giving me the same buy message. Let's keep an eye on BE and return to the charts in a few months from now.
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Employees of TheStreet are prohibited from trading individual securities.

TAGS: Investing | Stocks | Technical Analysis | Energy | Manufacturing | Real Money | Analyst Actions

More from Stocks

Traders Face the Fed Facts

James "Rev Shark" DePorre
Feb 8, 2023 4:26 PM EST

We've seen some denial about the level of Fed hawkishness, and the action now reflects a more realistic view of the economic situation.

Further Price Weakness Lies Ahead for Zoom Video

Bruce Kamich
Feb 8, 2023 2:35 PM EST

Here's what traders should avoid.

Here Are 2 Reasonably Valued Stocks Made for the 'Compression'

Bret Jensen
Feb 8, 2023 11:30 AM EST

These companies managed to produce solid results in a difficult fourth quarter.

Snap-On Is Close to a Major Upside Breakout

Bruce Kamich
Feb 8, 2023 11:18 AM EST

Here's what aggressive traders could do now.

'What Me Worry?' Market Is Ignoring Big-Time Wall Street Bears

James "Rev Shark" DePorre
Feb 8, 2023 11:17 AM EST

What is most notable about three of the most influential market strategists is how bearish they are.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 08:20 AM EST PETER TCHIR

    Powell, 0DTE Options and How I View This Market Right Now

    Fed Chair Powell is saying all the things I think ...
  • 08:22 AM EST REAL MONEY

    LIVE EVENT: Bruce Kamich and Todd Campbell Share Their Stock Market Insights

    This Monday, Feb. 6 at 12 p.m., our very own exper...
  • 02:58 PM EST REAL MONEY

    Sarge Guilfoyle Breaks Down the Jobs Report, Fed Policy and Stocks!

    Watch it here!
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2023 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login