What is up, everybody welcome to trace trades, where we give a technical analysis on different stocks in the stock market as well as 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'm just some random dude on youtube, so take what i say with a grain of salt. With that being said, today, we are going to be looking at ticker symbol, s-o-l-o solo, electro-mechanical vehicles corporation.

I did a little video on this recently talking about some potential upside and today was a great day in the market for ev companies, not necessarily for other companies, but i didn't see a single ev company in the red. Every single ev company i saw was up at least a couple percent today, and solo is no exception. So let's take a look here at the one day one minute chart. So we closed off yesterday at a valuation of about seven dollars and twenty cents, and we opened today at about the same seven dollars and twenty cents.

We had a little bit of up and down movement here we did have the pre-market scare, because the uk released some news about a new outbreak of uh the covid virus. However, we did see a very strong rebound in solo and other eevee companies, which is very uh very nice to see. I was not expecting that i did expect a red day after i read that news this morning. However, it's always good to be pleasantly surprised in the market.

You do need a little bit of help sometimes. So if we look at the low on the day yesterday, the support level was probably sitting at about seven dollars, nope and just kidding cents, and if you really want to add a secondary support level, we did see a price rejection here at about seven dollars and Five cents, however, i am going to roll with this lowest point the lowest low that we see here is at about 6.93. Well, today, guys we saw a low that did not drop below seven dollars. This is huge.

This is so big if we can stay above. The seven dollar valuation on the share there is a lot less risk involved with the stock, especially if you bought in at a share price of six dollars and eighty cents six. Seventy sixty fifty because it was not that long ago when this stock was riding pretty heavily in the six dollar range. You know we can see here, six dollars and twelve cents.

So if you got it at this point, there's really not a lot of risk. For you at this point, if we can stay above the seven dollar mark, you are guaranteed to turn around some pretty decent profits, even if you do see a little bit of a downside trend with this stock. With that being said, there is a new level of resistance to watch for before we were looking at a 7.50 resistance level, and it did not even look like a resistance level to this uh to the stock today, because it shot right over that there was no Hesitation, there was no flirting with the resistance level; it just went straight up. You know we did come back down, we did.

We did have a little bit of up and down movement between a pretty tight target of price valuation. However, there really was some pretty solid movement today and very steady movement, not a lot of volatility, which is really surprising. It was honestly just a really solid day for solo and we created some new stair steps to keep the company pretty grounded in like this 728 range right here. This looks pretty solid.

This is a heavy price rejection and i can see us sticking above that level. So that is good news for our price target of eight dollars on the company. As i stated before, that is my exit point in which i plan on taking profits. I will rinse and repeat with this stock because i do think they have a lot more upside in the long term future.

However, that is where i see it going uh in the near side now. One thing that i did find very interesting today is: we saw a pretty large spike in volume at uh at about one o'clock today, in a five minute time frame, we almost had one million shares that were traded, and that is what you can attribute to this Huge spike in in shared valuation - and that is very interesting - i'm i'm gon na be curious to know if we see this increase in volume that we've seen the last three days continue to trend over the next day or two days before we get. You know our our shortened trading week so do you think, do i think you should buy, hold or sell on this? If you currently have a position, i would still hold i'm still holding my position in this stock. However, i am not a financial advisor or expert.

I'm just around to do it on youtube. I've lost money before i've made money before make your own decisions. Do your own due diligence. However, i do not see a lot of risk with this stock.

We did spend a large portion of the day above the vma. The volume moving average, which means the bulls, do have pretty solid control over this stock, so there is possibility for this to keep running up in the near future. However, if you do not want to hold and you'd rather take profits, if you bought in at the 680 665 650 range, that is definitely a doable thing you, you are already up nearly a dollar per share on your stock and that's that's fantastic returns. So i would not blame you if you want to get out at this point.

However, i am going to hold strong. I am going to hold my position. I do not think this is a great buying opportunity. I would wait for the stock to pull back a little bit because, historically speaking, this is a very up and down stock and right now it is beginning an uptrend um.

So i would not plan on entering at this point. However, do your own due diligence and you make that decision for yourself, otherwise that is all i have for you guys today. Thank you for coming the channel. Please like the video.

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So thank you for coming and i'll see you guys next time, peace.