EVGO - oversold. Market breadth remains a significant factor
EVGO is looking attractive here. In the ratio (EVGO/TSLA) chart I have comparing it to TSLA’s price, it has hit this RSI level 3 times before and seen excellent gains afterwards. The EVGO chart alone shows a potential double bottom if it bounces here. The EVGO/(CHPT*BLNK) compares it to it’s main competitors outside of TSLA and you can see that the market favors EVGO over the 2 year period they’ve been listed. The only doubt I have it the issue with market breadth - only a handful of large companies are participating in this (AI frenzy) rally - the rest are struggling with high rates. Of course, over the long term, you would expect to see the entire EV sector make big strides due to government stimulus and subsidies in the space.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.