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  1. Home
  2. / Investing

The QuantumScape Longs Are Finally Losing Conviction

When I see something bearish I point it out as opposed to ignoring it.
By BRUCE KAMICH
Dec 23, 2020 | 12:30 PM EST
Stocks quotes in this article: QS

On December 15 we continued to recommend a cautious stance on QuantumScape (QS)  only to see it soar still higher and reach the $132 area. I must admit that a lot of money was left on the table. 

 
As long as you do not think of Peter and the Wolf, today we might be seeing a top reversal in the making. 
 
In this updated daily Japanese candlestick chart of QS, below, we can see a possible bearish hanging man pattern today. If you are not conversant in candles then consider that we are watching a large inside day pattern. A close below Tuesday's low will be a short-term sell signal - a close below the low of the high day.
 
The On-Balance-Volume (OBV) line is showing a downtick at this point in time and the slow stochastic indicator is crossing to the downside from an extremely overbought level. A new record high would refresh the chart however.
 
 
In this intraday chart of QS, below, we are looking at just the past 10 days of price action. A decline below $105 and then $100 is likely to precipitate further declines.  
 
 
 
Bottom line strategy: I am not a perma bear but when I see something bearish I point it out as opposed to ignoring it. 
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TAGS: Investing | Stocks | Technical Analysis | Trading | Transportation | Electric Vehicles

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