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  1. Home
  2. / Investing

I Don't Find Electrameccanica Vehicles Charts Attractive

Let's review the charts and indicators.
By BRUCE KAMICH
Mar 18, 2021 | 02:24 PM EDT
Stocks quotes in this article: SOLO

During the fast-paced "Lightning Round" segment of Mad Money Wednesday evening, one caller asked Jim Cramer about Electrameccanica Vehicles (SOLO) : "This is a crowded field and I'm concerned there is too much competition," responded Cramer about the Canadian designer and maker of EV.

Let's check out the charts of SOLO.

In this daily bar chart of SOLO, below, we can see that SOLO has had problems keeping an uptrend going. Prices rallied in July and then gave back the entire advance. Another rally in November has given back most of the gains. Prices are trading below the declining 50-day moving average line but above the rising 200-day line.

The On-Balance-Volume (OBV) line shows weakness from late November and tells me that sellers of SOLO have been more aggressive.

The Moving Average Convergence Divergence (MACD) oscillator fell below the zero line in late February for an outright sell signal.

In this weekly Japanese candlestick chart of SOLO, below, we can see a large saucer-like bottom but unfortunately it is in the $1.00 area. Prices have rallied above the rising 40-week moving average line. I do not have a lot of confidence that prices can sustain the uptrend.

The OBV line is weakening and the MACD oscillator has crossed to the downside.

In this daily Point and Figure chart of SOLO, below, we can see that prices have met their downside price target of $7.

In this weekly Point and Figure chart of SOLO, below, we see that the software is projecting a downside target of $0 - zero. Not positive at all.

Bottom line strategy: I have no idea if SOLO is a viable contender in the world of EV but the charts are not constructive. I would avoid this name.

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TAGS: Investing | Markets | Stocks | Technical Analysis | Trading | Automotive | Mad Money | Electric Vehicles

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