GOEV a niche EV manufacturer LONG
Updated
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.
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
I will look to reopen this trade long after price shows a bounce above some support level
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