During Tuesday's "Lightning Round" segment of Mad Money, one caller asked Jim Cramer about ChargePoint Holdings (CHPT) . "I'd buy it under $20. This whole industry is trading down right now," said Cramer about this company that has been building out an electric vehicle (EV) charging network.
Let's check on the charts.
In the daily bar chart of CHPT, below, we can see that the shares have been weak after a May/June rally. CHPT is trading below both the 50-day moving average line and the 200-day moving average line.
The On-Balance-Volume (OBV) line has been stalled since December but weakness in recent weeks looks like sellers are being more aggressive. The Moving Average Convergence Divergence (MACD) oscillator moved below the zero line earlier this month for an outright sell signal. The lows of March, April and May are a tempting target.