PSNY Polestar EV Startup Can it Rise from Bottom? Long

Polestar Automotive Holding UK LimitedNASDAQ

Description

⋅ May 12, 2023 11:29 PM

PSNY ( Polestar) has dropped to its lows after an earnings report which shown it still has no

cash flow but at least the losses are less than projected by the analysts. On the chart zoomed

out, price is in megaphone pattern which demonstrates increasing volatility. Price is at the

bottom support trendline and one standard deviation below the anchored VWAP. This suggests

15% upside in the immediate short term. Price action is starting to resemble that of Fisker

(FSR) . I see this as a risky swing long trade as price tries to rise to the VWAP and POC line

of the volume profile. ( PSNY is in better shape than NKLA and RIDE but not by a whole lot )

I would be very reluctant to make an investment in Polestar but happy to play the volatility

for profit.

Trade closed: stop reached

⋅ May 19, 2023 8:52 PM

PSNY does not appear to be able to recover. It seems now to be a reliable short or put option trade

Comments

Honkytime

⋅ May 22, 2023 7:36 PM

Thanks for the chart work. I have been watching it, hopeful that it makes a break or moves into stable territory. Glad I didn't grab a bag when it touched 3.47 before. Cheers

AwesomeAvani

⋅ May 22, 2023 7:50 PM

@Honkytime, yeah it appears to be in a fairly narrow down sloping channel hard to see how it could gather volume when others are doing far better- I got 400% (4X) on my call options on ARVL placed on Friday check out my idea here on ARVL gotta cheer for anyone doing EV a little different with speciality vehicles.