Nel ASA Shares Gain on Strategic Milestone and Technical Recovery

Norwegian hydrogen technology company Nel ASA has opened the new trading year on a positive note, with its shares advancing significantly in early trading. This upward move follows a period of consolidation at the end of 2025 and is attributed to a blend of technical factors and a fundamental catalyst: the company's recent strategic decision to industrialize its latest electrolyzer platform.

Market sentiment for Nel improved markedly in the session. After closing around NOK 2.23 to NOK 2.24 in recent days, the share price climbed toward the NOK 2.29 level, representing a daily gain of approximately 2.5%. This sets an optimistic tone for the beginning of the year.

The equity opened with momentum and maintained its strength throughout the morning. This performance is partly underpinned by the successful defense of a key support level at NOK 2.20 in late December. Accompanying trading volume suggests the buying interest is broad-based rather than driven by isolated, short-term positions.

Key Market Data

• Current Price: ~NOK 2.29
• Daily Change: ~+2.5%
• Previous Close: NOK 2.24
• Key Support: NOK 2.20
• Market Capitalization: ~NOK 4.1 billion

The NOK 2.20 level has become a crucial short-term reference point after being tested and held multiple times.

Industrialization Decision Provides Foundation

The renewed confidence stems from concrete progress reported by Nel just before the turn of the year. In December 2025, the company's board made the Final Investment Decision (FID) to industrialize its "Next-Generation Pressurized Alkaline" platform.

This move marks a pivotal transition from the development phase to large-scale industrial manufacturing. The objective is to strengthen Nel's competitive position on cost and efficiency. The technology is specifically designed to reduce the Levelized Cost of Hydrogen (LCOH), a critical metric for widespread market adoption.

Should investors sell immediately? Or is it worth buying Nel ASA?

Investors appear to be increasingly factoring this strategic milestone into their valuation models, viewing the current share price in the context of the medium-term industrialization roadmap.

Technical Outlook and Market Sentiment

From a technical perspective, the advance toward NOK 2.29 is notable. The share is now testing an area that served as a resistance zone at the end of 2025. A daily close decisively above NOK 2.28 would signal a potential short-term trend reversal, opening a path toward the NOK 2.35 level.

This is compounded by the psychological boost of a positive yearly opening after a challenging 2025, where high interest rates and project delays weighed on the broader hydrogen sector. The current strength is interpreted by the market as a sign that risk appetite within this segment is returning.

The absence of any negative ad-hoc announcements in the past 24 hours further supports this constructive view. Focus remains squarely on the price action and the successful defense of the lower valuation zone. For near-term oriented traders, this creates a relatively well-defined risk-reward setup, with the recent lows serving as a potential stop-loss level.

Conclusion: A Constructive Opening

Nel ASA has secured a solid opening for the new trading year. The confluence of confirmed industrial progress via the FID and a technical rebound from a major support level creates a constructive setup. Should the share price remain above the NOK 2.20 zone and achieve a stable breakout above the resistance region around NOK 2.28/2.29, further near-term upside toward NOK 2.35 could materialize.