PSNY - Buying Power and Breakouts
Polestar (PSNY) has faced significant financial challenges, with a continuous need to raise funds in recent periods, which led to its equity reaching negative values before securing new financing in September 2024. This funding deal helped restore some investor confidence, but the company remains in a high-risk phase.
Polestar's stock has been trading in a downward trend over the medium term, though analysts have noted the formation of a positive technical pattern that helped the stock reach certain targets. Despite this, there has been notable buying activity and improvement in technical indicators. Based on this, the stock is expected to target the strong resistance zone between $2 and $2.15. A temporary profit-taking phase may follow, after which the stock could test the upper bound of its price channel, with the potential to reach levels between $2.60 and $2.80. It might even aim for the key resistance level at $3.10 to $3.20.
The stock should be closely watched at these levels, as they could represent a strong opportunity to close open positions, given the continued selling pressure in the long term. If clear bullish waves emerge in the current movement, this could build confidence in a full trend reversal.
Polestar's stock has been trading in a downward trend over the medium term, though analysts have noted the formation of a positive technical pattern that helped the stock reach certain targets. Despite this, there has been notable buying activity and improvement in technical indicators. Based on this, the stock is expected to target the strong resistance zone between $2 and $2.15. A temporary profit-taking phase may follow, after which the stock could test the upper bound of its price channel, with the potential to reach levels between $2.60 and $2.80. It might even aim for the key resistance level at $3.10 to $3.20.
The stock should be closely watched at these levels, as they could represent a strong opportunity to close open positions, given the continued selling pressure in the long term. If clear bullish waves emerge in the current movement, this could build confidence in a full trend reversal.
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.