What is up, everybody welcome to trace trades, where we have technical analysis on different stocks in the stock market, as well as potential buy, hold or sell opinions on these. Given stocks. I'd like to preface by saying that i am not a financial advisor nor expert, i am disarmed i'm doing on youtube, so take what i say with a grain of salt. The reason that i started this channel is because a couple years back, i was about 30 000 deep in some pretty bad medical debt, and i was very fortunate to have some close family friends and mentors that pushed me to work hard and invest my money in The market - and i am happy to say that i am now a financially free guy, so if i can pass along any of the information, resources or tools that were given to me and change your lives, even if a little bit for the better.

That's all a guy can ask for. Lastly, if you would not mind dropping a like on the video, it really does help support the channel and consider subscribing if you'd like to see more content like this, as i do post videos every day multiple times a day with that being said today, we're going To be looking at ticker symbol, idex ideonomics incorporated and we're going to be establishing new levels of resistance and support in the in the one day. One minute chart, as well as the six month chart here we're going to talk about the current bullish and bearish trends. The volume weighted moving average, the relative strength index and, let's start off by giving you a fundamental of what ideonomics is as a company.

If you are new to the channel so ideonomics is a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and fintech product. The firm operates through the mobile energy, global and ideonomics capital business units, its electric vehicle division, provides group purchasing discounts on commercial electric vehicles, ev batteries and electricity, as well as financing and charging solutions. Now idex has a following of about 70 000 people on stock twits. It does have quite a bit of interest, although lately the message volume is down, the sentiment is down, but the price action on idx is very interesting.

You know, historically speaking, the stock has a a reputation of being a pump and dump stock. You know if we look at the last year on this. You can see that more than once, this has seen a pretty huge pump, followed by a long period of decline and it happens over and over and over again, and people probably are thinking to themselves. Why would i ever invest in this company for anything other than a quick swing or day trade, and while i agree that this is a speculative play, i do see this as a potential grower over the next year, two or three years, especially before neo day now, Neo day is on january 9th, and i do anticipate that most ev stocks are going to see a little bit of a run-up if that does go well, that will act as a positive catalyst for all ev stocks and ideonomics is included in that list.

So i do think that we see short-term potential if you are a day or swing trader for some growth there and personally, this is my one speculative play that i am just gon na. Let some money sit in and uh, let let it sit there and forget about it unless we see a dip, in which case i'll add um to my position, but this is one of those stocks. Where i see you know, i wouldn't be surprised if a year, two three years from now, this thing has four or five hundred percent margin of growth, just because it really is flying under the radar and they do have potential they've been doing some great things recently. I do have previous videos that discuss this more in detail.

Uh. The playlist is available on my channel if you'd like to check it out, but let's just establish the immediate levels of resistance and support. So we do have immediate resistance here sitting at about a dollar 70, we'll say a little bit lower 1.68, and this was a previous level of uh resistance and now it's acting as a level of support. So we do have this as a fallback, if necessary, but at the moment we do have a very solid support line, holding us up right here at about a dollar 92, and we have bounced off of this a couple different times.

They have one two three different contact points, previous level of resistance, which is just further validating the fact. This is a very solid level that is holding the stock up and we do have an immediate resistance level sitting right around two dollars and twenty thirty two cents. And if we look at the daily charts here, you know the first barrier that we're gon na have to cross. If we wan na reach, that is about two dollars and fifteen cents, we saw a pretty harsh sell-off at the market open.

We we dipped a little bit below resistance at a dollar ninety, then we came back up with a pretty solid rally at 215. finish off the day right around, where we were at the pre market, two dollars and five cents um. I believe we were up a little bit on the day three and a half percent, so this is a a bullish day, and if you look here, you can see that we are beginning to poke above the volume weighted moving average. Now the volume weighted moving average is a little bit different than the volume moving average you can see here.

If the vma was what we were using, we would actually be still a little bit bearish. However, this takes into consideration the overall volume that we see on a stock and it weighs the the trend line a little bit differently because, as you can see here, we are seeing more volume than we have in the past, and i think that there are buyers That are beginning to be a little more interested in this stock than they were previously. So i do see that as a as a not a warning sign, but you know a potential. You know thing to watch an attribute of the the trading action to watch.

As this is increasing right, so with increased volume is going to come increased volatility. I do see that as uh as a potential to shoot the price back up, you know and if we can cross over this 232 level. The next couple of resistance lines that we're going to be looking at are going to be right around here at 278 and then immediately after that, we've got one sitting right around 3 16 and then obviously the overarching high of 473 and um. It was not very long ago that we touched you know right here at about 260..

So if you want to argue 260 is the first level of resistance. You could do so. You know that is closer, so we will leave it as that at 260.. So we are going to be looking at these as the next levels to watch now.

This stock is trading somewhere in the middle of overbought and oversold, as of recently so kind of neutral price action there. You know if you look back on the last month, we are about where we started. We are down a little bit, so the overall last month of trading has been bearish. Keep that in mind with your investing decisions, but overall the last two months.

We are on an upward trend, so if we draw a trend line right here, finish it off right here we are actually above the predicted growth that you would see on an upward trend like this. So um we are moving. You know it is a little bit slower, but all i think this company is going to need to see some pretty major growth is a little bit of catalyst, a positive financial result, and i would not be surprised if this shoots up, because since this has a History of pump and dump and a lot of new investors tend to gravitate towards idx. I think once it starts to see some growth, the hype, the fomo, the momentum is going to carry this thing to some crazy highs, and i would not be surprised at all.

If we completely shatter the five dollar price target that has been set by some analysts, i mean we've already touched 473 in the past, and i don't think it would take much more to move past that than some positive financial results or some great public relations or Just a news statement, any sort of thing that is giving some positive growth out of this stock. It is going to jump up. I would not be surprised in the latest least bit man. I've had so much coffee today, guys i've had four cups, my mind's all over the place.

You have to excuse me so if you're gon na date or swing trade, this i do think it's a pretty solid stock today or swing trade. It is pretty low in cost. You know usually gravitating between 1.92 and 215 as of late, so you can make a pretty solid margin of growth on this. Let's, let's say today, for instance, that you were able to get in the stock at the low when we, when we had the pretty harsh, sell-off uh limit order at market open at 1.90, and you sold out at the high of 215..

You would have had a pretty solid margin of growth like uh. That's a good way to play it and just looking at if we pull up like a five-day chart, you do see opportunities like that present themselves. Pretty well, there's a lot of opportunity to either short. This stock or long the stock and all you need to do is pay attention to the overall price action and the trend on the stock.

So if you're seeing a pretty harsh sell-off, you know you can ride the wave down to a level of support that we've indicated and exit the trade there. I i would just make sure that you're really paying attention to the levels of support and resistance on the stock, and we have you know resistance at 215. Another level of resistance right here at 207 on the daily charts, the one minute one day charts. So if you are looking to long the stock look for an entry around 1.90, you know if we don't come down there.

You see a dollar. Ninety eight uh you could. You could get out at two dollars. 207.

215. Just watch to see the price action see if we see some price rejection a little bit of a bounce off of these levels. Uh, if we push through you, know, you're looking at two dollars and fifteen cents is the potential to exit the trade. If we push through 215, however, keep riding it obviously and the flip side, you know you can do the exact opposite so like here today we saw two dollars and fifteen cents we touched through there.

You see the price rejection pretty much immediately. We see a large candlestick, you could get in here short the stock and write it down to this level of support. As you see here, and you make a quick pretty pretty quick profit, you know you'd be done for the day within you know. Just a couple minutes 10 15 minutes, so that is a way that you can play the stock as a day or swing trade.

If you are interested, i do have a position in the stock. It is in ameritrade uh. Let me just come to my home screen. Quick, i do have two thousand dollars in this stock.

I am currently up thirty dollars. Let's see if it let me see here, my dollar cost average is two dollars and two cents. I have two thousand dollars um put into the stock, maybe just a hair less. So you know 975 shares.

That is where i'm currently sitting with the socks. So i do have a position um. This isn't something that i'm just pumping up to you guys. I do believe that you know as speculative as it is, it does have potential to grow, and this is one of those trades that i'm going to set it and forget it with.

So that is my video on idex today. If you have any questions, comments concerns. If you just like to give me some feedback, please leave in the comment section down below. I do try to read through all of them.

It's getting a little bit tougher these days. I'm not gon na lie, but i will do my best to get through all of them. Please consider liking. The video really does help support the channel and subscribing, if you'd like to see more content like this and lastly, i do have an affiliate link for tubebuddy.

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Thank you for watching my friends and i will see you all next time. Peace.