ChargePoint Just Had Its Sharpest Day in Years—$6.70 Decides Whether the Squeeze Keeps Going

After a quarter that cut its adjusted EBITDA loss 78%, ChargePoint gapped 33% and ran to a 75% gain, reclaiming its 200-day average on record volume. The breakout zone it just left behind is now the whole trade.

Thursday's first bar and the overnight gap before it were the signal. ChargePoint Holdings (CHPT) closed Wednesday at $5.19, printed the quarter after the close, then gapped to $6.90 Thursday morning and kept running to a high of $9.35 before settling near $9.08—a 75% session gain on roughly 44 million shares and $368 million in turnover. For context, this is a stock whose average true range over the last two weeks sits near $0.58. Today alone it moved about seven of those ranges. Nothing on the S&P 500 was doing this; SPY rose 1%.

That three-part signal—price displacement, participation, and a story worth repricing—is exactly the combination that separates a gyration from a setup. The chart just did something it has not done in years, and it did it with a crowd showing up.

Why the market believed the numbers

The move was not manufactured by a headline. ChargePoint's fiscal second quarter (ended July 31, 2026) came in at $116.1 million in revenue, up 18% year over year and above the high end of its own guidance range. The adjusted EBITDA loss narrowed to $4.8 million from $22.1 million a year earlier, a 78% improvement that beat the roughly $16 million loss analysts had modeled. Non-GAAP gross margin hit a record 38%.

Two caveats belong next to those numbers. The margin record includes a one-time $4.2 million tariff refund—strip that out and normalized margin was closer to 35%. And the company's own third-quarter revenue guidance of $105 million to $115 million brackets, but does not beat, consensus. So this is a quarter that resets the trajectory—losses narrowing while growth holds—rather than a raise-the-goalposts moment. The chart ran far ahead of the guidance itself.

What quietly matters underneath is the position. As of August 14, short interest equaled about 24.6% of the public float, or 15.6 days of average volume to cover. In a name that heavily shorted, a beat and a narrower loss do not only buy new believers; they force holders of the wrong side to cover. The gap up was the ignition. Short interest is fuel, not a guarantee of where it ends—but it tells you who was under pressure when the tape opened.

The line that inherited the whole trade

Every part of this chart now runs through the zone ChargePoint left at the open: the $6.70 to $7.00 band where Thursday's gap and opening trade converged, just above the 200-day moving average near $6.47.

That zone is not a round number. It is where the stock gapped to, where it opened, and the floor it has to prove it does not want. For most of the last year the stock lived in a low base between roughly $4.50 and $6.50, below both its 50-day ($5.85) and 200-day averages, down 22% year to date through Wednesday. Today's session erased that whole structure in one move and shoved price decisively above both averages. The 200-day, which repelled this stock for months, flipped from ceiling to the first real air pocket beneath price.

So the map writes itself. As long as the stock holds above the $6.70–7.00 breakout shelf, the post-earnings momentum leg and the short-covering dynamic stay intact, and the next measured destination is the supply zone all the way up near the $12.61 52-week high. If instead a pullback closes back through $6.70–7.00—and especially through the 200-day—the breakout is exposed as a one-day panic, and every trader who bought the morning spike between $8 and $9 is suddenly trapped supply overhead.

The trade map

Scenario	Trigger	Path	Invalidation	Horizon
Momentum holds	Holds $6.70–7.00 on a pullback	Drift higher; first target is the supply zone below $12.61	Daily close below $6.47	Days to weeks
Failed breakout	Closes back through $6.70	Late buyers from the $8–9 spike become overhead supply	Confirmed close below $6.47	Days

The verdict

Here is the honest part for anyone tempted to chase $9.08 on the morning's headline: the asymmetric entry is gone. The stock is up more than 70% from the level it broke, RSI is past 75, and into Thursday's close the flow was broad two-way churn—block and large-order inflows essentially matched outflows—rather than a clean one-way accumulation. That is what a violent re-rating looks like, and it cuts both ways.

The forecast is therefore not "until it turns green" but a single condition. Hold $6.70 and the squeeze keeps a live map above you, with the prior ceiling near $12.61 as the next credible fight. Lose $6.47 on a daily close and the whole story is a one-session gap that trapped the day's aggressive buyers. The chart settled near the top of its range Thursday; the next few sessions decide whether this was a repricing of a shrinking-loss story or a squeeze with borrowed fuel.