After my previous post this broke out of a wedge after a great earnings report, and more orders coming in leading to a run up of over 200%. Part of that is attributed to the EV hype ,breakout fo wedge , so the market got carried away leading to a 50% correction again.
I think this is a temporary bottom for the next leg up, because if you ask your self where the company is from late august when the did the private placements to raise money and also after a successful earnings and the ceo buying shares from 1.255-15 then imo the only thing you can really conclude is that they are at a much better spot than where they were late august despite having lower share prices. This gives me some confidence that the bottom is in for the next major higher low in this company.
Zooming in we can see, where I circled a ton of volume on one area during this sell off and one person bought 18,921 shares at the 22 area ! Big sign of institution wanting in.
Ta wise we have a MACD kiss, SMI cross over and it perhaps may be on the cusp of breaking out of this flag/wedge
I think this is a temporary bottom for the next leg up, because if you ask your self where the company is from late august when the did the private placements to raise money and also after a successful earnings and the ceo buying shares from 1.255-15 then imo the only thing you can really conclude is that they are at a much better spot than where they were late august despite having lower share prices. This gives me some confidence that the bottom is in for the next major higher low in this company.
Ta wise we have a MACD kiss, SMI cross over and it perhaps may be on the cusp of breaking out of this flag/wedge
Comment:
I can no longer recommend this stock after seeing the short report as it seems that these vehicles seem to be merely bought from china and rebranded, which can be confirmed if you were to check Alibaba, and search "320km electric minibus 20 seat mini van in hot sale " it looks exactly like the GPV vehicles. I'm surprised it is still trading at these levels, but I expect this to start downtrending in the near future unless GPV comes up with a convincing statement.