Nel ASA shares have been sliced nearly in half since the stock hit a 52-week high of 0.37 euros on May 25, with the latest leg of the sell-off accelerating despite a complete absence of fresh company news. The Norwegian hydrogen equipment maker closed at 0.20 euros on Friday, down 3.55% on the day and 8.72% for the week, extending a 30-day rout that has erased more than 40% of market value.
What makes the slide particularly unnerving for investors is the information vacuum. The last official corporate communication was the June 15 announcement of the CEO’s resignation, and Nel has since entered a two-week quiet period ahead of its half-year report due on July 15. Management is barred from investor discussions during this window, leaving the stock to drift on pure market repositioning without any corrective guidance from the company.
The technical damage is stark. Nel now trades nearly 24% below its 50-day moving average of 0.27 euros, and the 100-day average at 0.23 euros also sits well above the current price. The 200-day line at 0.21 euros remains within striking distance — a gap of roughly 5% — but the stock slipped below that threshold on Friday, a bearish signal for chart watchers. The relative strength index has fallen to 31.9, inching toward the oversold zone, yet the annualised 30-day volatility of over 85% means technical signals alone offer little comfort in either direction.
Should investors sell immediately? Or is it worth buying Nel ASA?
The broader hydrogen sector is amplifying the pressure. A sharp rotation has driven capital out of clean-energy names, with peers like Plug Power and Bloom Energy also feeling the heat. For Nel, the operational backdrop remains the core worry: first-quarter orders collapsed year-on-year, and the backlog shrank by nearly a quarter to just over 1 billion Norwegian kroner. Investors are demanding concrete proof of new contracts before reassessing the stock.
With no catalyst expected before the July 15 release, the 52-week low of 0.17 euros from February stands as the next critical floor should the slide continue. Nel ended March with 1.4 billion kroner in cash, so the half-year report will also need to demonstrate disciplined cash management alongside any stabilisation of order intake. The market will be watching for evidence that the next-generation pressurised electrolyser launched in May is beginning to convert pipeline interest into bookings — anything less could prolong the stock’s painful drift.
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