Switchback Energy - two possivle routs - Q1Switchback Energy - two possivle routs - Q1 - depends if it can break out on top of the tirangle or will make a second round to build a bullish flag.
Switchbackenergy
SBE channel bottoming outgood buying opportunity here at the bottom of the channel
looking to hit 50s as short term target and maybe even 60 or a breakthrough past 60 long term
not financial advice
SBE entry levels LONGSBE is going to close the trendline. If we hold it, it could be a good entry-level for LONG positions.
Entry levels LONG:
$42.73
$38.90
$33.78
SBE found support at $34After breaking down from the rising wedge SBE found support on the strong level of $34, which is about half of the height of the wedge. It is not finding resistance on the 21-ema, which roughly coincides with the .236 fib extension level. Stochastic RSI is curling up, which shows bullish momentum. I used the Stochastic RSI instead of the Stochastic because it reacts faster and in a situation where the price is trying to reverse it can provide faster signals for quicker actions. This doesn't mean the price will continue to go up but in the short term it can aid in entering/exiting positions.
I have quite a few shares of SBE. I am looking into selling some if we get to $40, where the 50-ema is converging at the time of this writing.
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***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
Switchback Energy Acquisition can go even lower?Switchback plans to close on its merger with ChargePoint in early 2021.
ChargePoint is rapidly growing its charging station network in the U.S. and expanding in Europe.
It expects sales of its charging ports to grow by seven times through 2026.
But investors drove shares up beyond what is reasonable.
Even after today's drop, the combined company would be valued at over $9 billion, triple what the equity value was predicted to be when the transaction was announced. (source: fool.com)
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