Hello fellow traders,
Today we are looking at the daily time frame for Electra Meccanica (SOLO) on the NASDAQ. As we cab see on the chart, prices rallied almost 500% to peak at around $6.00. Since then, as expected, there has been a massive correction back down to the $2.34 level. The chart has printed a bullish falling wedge pattern.
We now see that a double...
Last time we saw SOLO push this hard to the upside was during the first big run in the summer. No news today, obvious speculation on when they'll announce the final facility location. But they have planned that for November based on the last PR. Anyway, great momo today on sympathy from NIO's big upgrade and $40 price target. I also don't see many other EV penny...
The idea, based on technical and Fundamental analysis is to go long (perhaps wait the end of a possible price retracement)
NASDAQ:SOLO
Fundamental News
ElectraMeccanica Partners with Gateway to Lead Expanded Investor Relations Program
The SOLO IR news, imo didn't have much to do with this. There's already a following and unless they were looking for true institutional investors, the retail momo is definitely alive and well. They just raised $20 mil so is there dilution risk? maybe. But after the drop did the market price in some things? Good question. I think the EV juices are flowing thanks...
Expect some big moves on $SOLO soon. A Bullish pennant is forming on the 15min chart. A decisive break above $4.50 will open the gates to low the $7s. A break below $4 would bring it back down to possibly $2's.
