Will Canoo Stock Rebound From The $0.4111 Level?
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
GOEV stock failed to sustain at the high of $0.8488 and reversed its direction, resuming the downtrend that indicates further weakness in the market. The market is trading below the dynamic support trendline, which could lead to more downside. The market is in a downtrend on a larger timeframe, as it is creating lower lows.
GOEV stock price has been falling from its peak levels and forming lower-low structures. It is in a bearish trend after breaking below the 50-day and 200-day moving averages. The bearish pressure could push Canoo to form a new lower low soon and extend the downtrend.
The current situation requires traders and investors to be patient and wait for a clear signal of a break above or below the range before making any moves. They should also avoid FOMO and minimize losses.
GOEV stock price fell 7.60% last week. It declined by 30.35% through the month. Furthermore, Canoo shares experienced a drop of roughly 21.80% within the past six months and a decrease of 77.12% over the past year.
Additionally, the Canoo share price has slipped by approximately 66.13% year to date. These trends collectively indicate the challenges faced by GOEV shares in their recovery efforts throughout the year.
What Analysts Think About Canoo Stock Price?
There is a strong opinion among 5 analysts who follow GOEV stock. Almost 4 rate GOEV as a Strong Buy, while 1 gives it a hold rating. Canoo stock has an average price target of $3.11, which implies a potential increase of 623.09% from its current price of $0.4301. The price targets vary from a high of $10.00 to a low of $0.5000.
Technical Analysis of GOEV Stock Price in 1-D Timeframe
At the moment, GOEV stock (NASDAQ: Canoo) is trading below the 50 and 200-day SMAs (simple moving averages), which do not support the price trend. If bulls want to make a comeback, they will have to rise and sustain the price above the 20-day EMA. However, the sellers seem to be more aggressive as compared to buyers.
The current value of RSI is 37.24 points. The 14 SMA is above the median line at 41.00 points which indicates that the Canoo stock is bearish.The MACD line at -0.0239 and the signal line at -0.0219 are below the zero line which signals more bearishness for the Canoo stock price.
Summary
GOEV stock price prediction suggests a mild bearish chart. The sellers are dominating on the higher levels. GOEV (NASDAQ: Canoo) technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the Canoo stock price. GOEV price action suggests that the investors and traders are bearish on the 1-D time frame. Technical analysis suggests that the Canoo stock price is in a bearish grip and the probability of testing the previous highs in the coming months remains low.
Technical Levels
- Support Levels: $0.4116.
- Resistance Levels: $0.5171 and $0.5874.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
