GOEV stock closed higher on March 20, indicating that the EV stock may be gaining back investor confidence. The EV stock noted a 1.81% decline last week. Recent price surge soared its weekly price analysis to 13.67%. GOEV stock price seems like it’s preparing to reverse the trend and adapt to a strong upside trend.
GOEV Stock Price Analysis
Canoo Inc (NASDAQ: GOEV) stock price closed at $0.6412 on March 20, Monday, with an 9.40% increase in 24-hours. The stock price moved up by 13.67% in one week. GOEV stock price traded below the 20, 50, 100 and 200-days EMA. However, GOEV price is nearing its 20-days EMA that is $0.6939.
The technical analysis of GOEV stock suggests an upward momentum in its price. The Relative Strength Index (RSI) showing the oversold condition of GOEV share price. Its RSI is at 37 and trying to move upside in the neutral region. The technical analysis summary of Canoo Inc is giving a “sell” signal.
GOEV stock showing its primary support level S1 at $0.525. That was the price range of the stock on March 17, Friday. When the market opened on Monday, March 20, the stock showed a bullish trend. However, the secondary support level S2 is at $0.301. GOEV stock price may reach its 20-days EMA. However, it is quite far from its primary resistance level R1 that is at $1.141.
Canoo Inc. is an electric vehicle manufacturer, it will announce its Q4 ’22 earnings and revenue on March 30, where the estimated earnings is -$0.35. GOEV has an average one-year price target at $5.6667. While the forecasts range from a low of $1.00 to a high of $10.00. The average price target represents an increase of 783.76% from its latest reported closing price of $0.6412, according to Tradingview.
The recent upheaval in U.S. banking stocks roiled the U.S. stock market. Meanwhile, the turmoil in the banking sector comes ahead of the Federal Reserve’s next move on interest rates due March 22. its policy meeting starts today, as The Wall Street Journal reported. However, the crypto industry shined during banking turmoil.
Support Level: $0.525 and $0.301
Resistance Level: $1.141 and $1.534
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/03/22/canoo-goev-stocks-bullish-comeback-with-9-upsurge/