GOEV a niche EV manufacturer LONG Long

Canoo Inc.NASDAQ

Description

⋅ Jul 25, 2023 3:31 AM

GOEV does not compete with TSLA. It makes special use electric vehicles

including a NASA contract apparently for vehicles to be used upon the return

to moon exploration. As a penny stock, GEOV has weak fundamentals

coupled with high trader and investor interest. Large capital institutions

have a predominant portion of the shares.

On the 15 minute chart. GOEV trended up from July 14th to Ju;y 19th and

then down to about the same price as before then trend. This was a range

of 50% demonstrating the typical high volatility of penny stocks. Based on

a set of anchored VWAP bands originating in mid- April, GOEV is currently

near the mean long multi-session VWAP. Since many shares are held by

institutions this is a price level where trading volume and volatility are

expected.

I will take a long trade here. The stop loss is the recent swing low at $0.59

with a target at $0.737 just below the POC line of the related

volume profile from an entry-by-limit order at $0.613 making for a projected

profit of 20% with a much lower risk. For chartists who follow chart patterns,

in the interval under analysis, GOEV fell from a head and shoulders pattern.

My target is the neckline of that pattern.

GOEV benefits from the general interest and trading volumes in the EV sector

at large as well as its niche with little competition.

Trade closed: stop reached

⋅ Jul 25, 2023 7:33 PM

I will look to reopen this trade long after price shows a bounce above some support level

Comments

DProblem

⋅ Jul 25, 2023 8:40 AM

Been waiting for this Trade its Finally here!

AwesomeAvani

⋅ Jul 25, 2023 10:42 AM

@DProblem, an improvisation of the beatitudes from the Christian philosophical perspective is " Blessed are the patient for they shall be rewarded ( and sometimes quite
heavily ) Trade wisely trade often trade well. Enjoy the profits. ( I am glad that you found my analysis helpful) :)