PSNY Polestar EV Startup Can it Rise from Bottom?
Updated
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.
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
PSNY does not appear to be able to recover. It seems now to be a reliable short or put option trade
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