NASDAQ: GOEV stock lost 1.28% of its trading price on the August 11 trading session; it opened at $0.4135, lowering to $0.5004 it hit a high of $0.5295 and closed at $0.5147 with an intraday trading volume of 23.951 Million.
In the 52 weeks time frame, GOEV’s share price traded at $4.3900, and its lowest trading price was $0.4135. At press time, GOEV stock was trading 604.29% below its annual price target of $3.6250.
Canoo, Inc. has a market capitalization of $323.399 Million, and its average trading volume is 32.245 Million. In the weekly time frame, GOEV stock lost 22.02% of its trading price and declined more than 85.90% in a year.
GOEV Stock Price Analysis
Technical analysis shows that Canoo, Inc. stock is on the decline, and the support levels might not be strong enough. If the present selling pressure sustains, the $0.4135 support level will break.
GOEV stock price might register a fresh 52 week low. In case bears fail to hold ground, Canoo stock might face immediate resistance of $0.4993 followed by $0.5658.
On January 27, 2023, GOEV stock was trading at around $1.47, which has been high since the beginning of 2023. The candlestick chart shows that buyers have lost interest in Canoo stock in the past few months, and sellers are constantly selling stocks at a lower price.
One expected reason behind the decline might be the negative revenue of the company; Canoo Inc. scheduled the quarterly earnings on August 14, 2023. Analysts estimate an EPS of -$0.195. If the company meets the estimates, the possibility of a short squeeze will increase.
On the other hand, if the company reports less revenue in the upcoming earnings report, it is likely to remain in the consolidation phase, and further decline could be witnessed.
Conclusion
There is a situation of fear among GOEV shareholders as the stock prices are falling to sustain higher levels, and a constant decline has been seen since the last few months. The upcoming Support is claimed to be the last Support of GOEV share to be broken. Analysts also believe that investors and shareholders must stay attentive as a possible movement might be seen at the end of the upcoming week.
Technical Levels
Major Support: $0.4135
Major Resistance: $0.4993 and $0.5658
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 assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/12/nasdaq-goev-stock-price-slipped-22-monthly-close-to-the-edge/