GOEV under $10 is a steal!Resting on a solid support line
RSI is oversold
BlueWave is going to give buy signal soon
Goevstock
GOEV - GO TIME GOEV is gearing up for a big move.
If we can cross the 17.08 level established by our volume profile we can see a very fast and decisive move to the midline of our pitchfork.
Can GOEV run like NIO?GOEV is an EV company and has strong backing with Hyundai. In there investor day presentation they mentioned a push for a fully autonomous vehicle and a subscription model that is different from the traditional car buying. “Innovation that excites”… Still a highly speculative stock but the technical aspect looks primed for another run. Watching this for a bounce off the bottom support line of the triangle and a break out (with significant volume, 1/3 of avg vol is low and could be a false breakout) of the triangle to begin its push back to ATH.
Key Levels
Resistance: 16.67, 17.21, 18, 18.89, 19.96, 20.44
Support: 15.68, 14.51, 13.51, 12.09
Ways to play this
1. As always safest way is to load shares
2. Scale in couple month out calls as its near support (catching the dip before confirmed reversal)
3. Wait for the breakout of the triangle to scale in long term calls (sacrifice profit for confirmed reversal)
*TIP: draw trendlines and set an alert to catch the breakout and enter (one on the falling wedge (15m) and the overall triangle resistance (1/4hr)
Option Ideas:
20C 5/21 2.35 (low risk: high reward)
25C 5/21 1.55 (medium risk: high reward)
20C 3/19 1.00 (low risk: high reward)
20C 2/19 .15 (lotto)
GOEV Triangle BreakoutGOEV looks like it may be breaking out of this symmetrical triangle however the breakout has not been confirmed. It is up over 11% on the day backed by strong volume however it looks to be finding some resistance at the top line of the triangle. I will continue watching price action for a confirmation or rejection of breakout. If breakout is confirmed I will buy and look for a quick 10%-15% return.
