Electric Vehicles (EV) Spotlight

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Monday, October 19, 2020

I’m sure the majority you have heard of Elon Musk and Tesla (Nasdaq:TSLA), especially in recent years as the stock has been absolutely ripping making shareholders fortunes. The company was one of the first [publicly traded] big names in the Electric Vehicles (EV) space, and it has been quite a show to watch not only the entertaining CEO, but the price action the stock has scene.

Tesla isn’t the only noteworthy player in the game, as Nio Inc. (NYSE:NIO) has been making waves this year as the company’s stock has gone up almost +600% YTD as of today. With all of this momentum, the media and traders alike have begun taking a liking to this developing sector. Which leads me to a lesser-known EV company - Electrameccanica Vehicles Corp. (Nasdaq:SOLO).

While this company isn’t in the daily headlines like Tesla, I feel that technically speaking its worth mention. After the stock found support at its all-time lows at $.89 (previously made in December of 2018 at $.90) earlier this year, the price action has been quite the spectacle. The stock moved from its all-time low of $.89/share up to $6.00 in a matter of months, only to trend downward shortly after. The move last week is what made this pop up on my radar, as the stock popped over its 50-day SMA after making a higher low, thus potentially confirming the price found some support. Shares of this small cap EV company are currently trading at $2.88/share in the back half of today’s session. With the industry seeing some recent momentum, it might be worth putting this stock on your watchlist. 

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