Hyliion Stock Prediction: Will HYLN Stock Bounce Back In 2023?
HYLN stock has exhibited a bearish trend, relinquishing gains and slipping below key moving averages. The downtrend of Hyliion stock has persisted, marked by lower highs and lower lows. The upper trendline has acted as a barrier to exiting the trend, as sellers maintain an advantage and continue to establish short positions.
At the time of writing, HYLN stock was trading at $1.31, experiencing an intraday rise of 10.08%. The stock broke below the 200-day EMA, underscoring bearish sentiment. Intraday trading volume also showed a decline compared to the 10-day average volume. HYLN’s market cap stands at $237.399 Million.
The Yearly Performance of HYLN Stock
The yearly performance metrics for Hyliion stock highlight a consistent and prolonged bearish trend. Over the course of the year, the stock has registered negative returns across various timeframes. Year-to-date (YTD), the stock has experienced negative returns of -44.96%, highlighting its struggle to maintain positive momentum throughout the year. Similarly, over a span of six months, the negative returns of -42.29% indicate a persistent downward trajectory. In the shorter term, the bearish sentiment continues, with negative returns of -29.19% in the last 3 months. These metrics collectively emphasize the enduring bearish nature of Hyliion stock’s performance, suggesting a sustained trend of value depreciation over multiple time periods.
Analyzing HYLN Stock Price Technical Indications
Source: Hyliion.NYSE by TradingView
Hyliion stock is currently trading below the 50-day and 200-day SMAs, although these levels are attempting to provide support. If Hyliion can hold above $1.23, there’s potential for price recovery to targets of $1.45 and $1.75. Falling below $1.23 could lead to support tests at $0.92 and $0.62.
MACD indicator displays a bearish scenario, with the MACD line crossing below the signal line, suggesting impending further decline. RSI is at 49.02, within the neutral zone providing neutral signals.
Conclusion
Technical indicators reinforce the bearish outlook for HYLN stock price. MACD, RSI, and EMA indicators emphasize negative signals, aligning with the ongoing downtrend. Price action reflects a bearish sentiment in the 1-Day timeframe. Investors and traders need to wait for any directional change before taking the next move.
Technical Support and Resistance level
Support levels: $0.92 and $0.62.
Resistance levels: $1.45 and $1.75.
Disclaimer
The research delivered in this article is for informative and educational purposes only. Do not depend on this information as financial, investment, or trading recommendations. Investing and trading involve risk. Please consider your circumstances and risk forbearance before making any investment conclusions.
