During Monday's Lightning Round segment of "Mad Money," one caller quizzed host Jim Cramer about the Lion Electric Company (LEV) .
"This is the best company in this group. I would hold onto it," answered Cramer about the company that designs and manufactures zero-emission vehicles.
Let's see what the charts look like.
In this daily Japanese candlestick chart of LEV, below, we can see that prices have roughly been cut in half since early June. Prices are trading below the declining 50-day and cresting 200-day moving average line. The On-Balance-Volume (OBV) line shows a decline from early June, but some recent stability suggesting that maybe the correction is "late stage." The Moving Average Convergence Divergence (MACD) oscillator shows some improvement since late June.
In this weekly Japanese candlestick chart of LEV, below, we can see a downtrend, but the weekly MACD oscillator has been narrowing and that can foreshadow some price improvement.
In this daily Point and Figure chart of LEV, below, we can see an upside price target in the $15.
Bottom line strategy: LEV has not yet hammered out an attractive base pattern, but it is showing some improvement with a potential upside price target on the Point and Figure chart. Aggressive traders could probe the long side with an initial position risking a close below $10. Let's see how things develop.
