Retail Buyers Step In as ITM Power’s Cromarty Hydrogen Pact Counterbalances MSCI-Driven Selloff
13.06.2026 - 03:04:50 | boerse-global.de
ITM Power finds itself caught in a tug-of-war between two opposing forces. The hydrogen electrolyser specialist’s shares have tumbled 43% from their late-May peak, a classic post-index hangover after entry into the MSCI United Kingdom Index. Yet private investors are piling in, with buy orders on major trading platforms surging to 63% of all trades – a dramatic jump from barely half the day before. The divergence between price action and investor behaviour could hardly be starker.
The fundamental news flow gives retail bulls something to latch onto. ITM Power has just sealed a partnership with project developer Protium Green Solutions, targeting large-scale green hydrogen plants. The alliance combines Protium’s expertise in development and financing with ITM’s PEM electrolyser technology – a move that fits squarely with chief executive Dennis Schulz’s strategy of building long-term relationships with developers to secure a steady pipeline of orders.
The first concrete project is Cromarty in Scotland, a 15-megawatt facility capable of producing roughly seven tonnes of green hydrogen daily at peak output. It is expected to create about 30 local jobs and support regional decarbonisation efforts. The partners have set a December 2026 deadline for the final investment decision, turning the strategic pact into a tangible construction plan.
Should investors sell immediately? Or is it worth buying ITM Power?
But the market’s immediate attention remains fixed on the stock’s technical wreckage. ITM shares ended last week at around €1.46-1.49, well below both the 50-day moving average of €1.64 and the MSCI inclusion day high of €2.58. The annualised volatility, at almost 97%, underscores how dramatically sentiment can swing in the absence of fresh company news. Analysts label the sell-off a pure market-dynamics phenomenon – passive funds completed their mandatory purchases on the index rebalancing day, and profit-taking has taken over.
Despite the recent carnage, the longer-term picture is far from broken. The stock still trades comfortably above its 200-day moving average of €1.01, a crucial support level that has held since October. Year-to-date, the shares have more than doubled, posting a gain of roughly 106% – a reminder that the multi-month uptrend remains intact. The current pullback has merely erased the post-MSCI froth.
For now, the battle lines are drawn. Retail traders are buying the dip aggressively, hoping to capitalise on a stabilisation near the 200-day line. On the other side, institutional selling pressure from the index rebalancing tail may persist for a few more sessions. Without a new fundamental catalyst – the Cromarty deal is a strategic milestone, but the final investment decision is over two years away – the near-term direction will be determined purely by order flow.
What could tip the balance? If the 200-day average holds, the current zone may prove a durable floor. If it breaks, the next support is a long way down. For now, ITM Power’s story is one of a promising project pipeline clashing with the cold mechanics of index arithmetic.
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