Bloom Energy Corp. (NYSE:BE) shares are trading sharply higher Wednesday. The move comes amid a massive global market relief rally. Investors are pivoting back to clean energy names as geopolitical tensions ease.
The Nasdaq is up 2.92%, while the S&P 500 has gained 2.36% on Wednesday.
Ceasefire Ignites Rate Cut Hopes
The primary catalyst stems from a ceasefire in the Iran war. This development sent WTI crude crashing 18% to $92. Lower energy prices have boosted CME FedWatch odds for a rate cut by year-end. Clean energy projects depend on cheap financing. Falling yields make these long-duration capital projects more attractive to investors.
Short Interest Squeeze Potential
Data shows a significant rise in bearish bets against the company. Short interest in Bloom Energy climbed from 22.04 million to 24.39 million shares. This represents 11.55% of the company’s public float. With an average daily volume of 10.34 million shares, sellers would need 2.36 days to cover.
Clean Energy Sector Momentum
The Invesco WilderHill Clean Energy ETF (NYSE:PBW) is seeing broad gains. Bloom Energy is currently one of the top performers within the group.
Bloom Energy Technical Analysis
At $148.45, the stock is trading 3.2% above its 20-day simple moving average (SMA), the stock’s average price over the last 20 sessions. It’s trading 15.6% above its 100-day SMA.
Momentum gauges are still mixed: the moving average convergence divergence (MACD), a trend/momentum measure, shows -5.2233 versus a -3.8618 signal line.
- Key Resistance: $169
- Key Support: $131.50
Bloom Energy Price Action
BE Stock Price Activity: Bloom Energy shares were up 9.22% at $148.44 at the time of publication on Wednesday, according to Benzinga Pro data.
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