Will RIDE stock ( NYSE: RIDE ) outperform Quarter 4 earnings?

Lordstown Motors Corp. (NYSE: RIDE) is a leading electronic vehicle (EV) maker that witnessed selling pressure. The firm is set to declare its (Q4 2022) earnings report on Monday. Over the past few sessions, RIDE stock has been trading below the significant moving averages.

RIDE stock continued to slip from the top and was trading near its 52-week lows. As per the valuation and risk-reward ratio, RIDE share price is near its crucial support and is expected to bounce back amid the selling pressure on the stock. Analysts expect optimistic signals from the company in the form of revenue growth in this quarter. Buyers are trying to accumulate price from the lower levels expecting a promising earnings report.

During the Friday market session, RIDE stock price was $1.12, making a bullish engulfing candle on the bottom, reflecting positive cues for the ideal bounce in upcoming sessions.

Last week, Lordstown Motors Corp. recalled its endurance EV models because of electrical supply problems and also halted production & delivery on it.

RIDE on daily charts

RIDE share price bottomed near $1.00 and is looking to retest its 20 and 50 days EMA which was positioned near $1.30.The stock has already finalized its correction cycle and is willing to outperform in near sessions.

Moreover, the falling wedge pattern formed on the chart conveys that RIDE stock might display an upside trajectory of $1.50, which bulls want to test. Despite the ongoing weakness in stock price, trading volume in the last three sessions showed investors are preparing for a move and speculating promising numbers.

However, RIDE stock continued to form lower highs and lower lows and made fresh lows. However, the price leap back from the lower Bollinger band showed that buyers are ready to accumulate now.

Lordstown Motors stock price action indicates that it has completed headwinds, and selling pressure has come to an end. If bulls sustain above $1.00, it will pull back to retest the upside marks.

Short term charts show reversal indications

RIDE stock shows reversal indications on the 4-hour chart and the beginning of an uptrend. The RSI (Relative Strength Index) curve jumped from the oversold region at 40 and heading towards attain neutral range. Bulls are trying to break the upward trendline for follow-up buying to catch 20 EMA in the near sessions.

Additionally, the MACD indicator noted a bullish crossover in the last session and plots fresh green bars on the histogram. It indicates that the bullish engulfing candle furnishes more when it breaks the neckline of $1.20, increasing buyers’ momentum.

Support Levels: $1.00 and $0.90
Resistance Levels: $1.50 and $2.00

Conclusion

Lordstown Motors or RIDE stock stayed in sellers’ hands, which led the stock to achieve fresh lows. However, bulls are gaining momentum and trying to bring the previous swings of $1.50 in near sessions.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets 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