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In this video we take a look at the daily chart on SOLO, and give a technical analysis on the price movement.
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What is up, everybody welcome to trace trades, where we give a technical analysis on different stocks in the stock market regarding day and swing. Trade deals as well as give a buy, hold or sell opinion on these. Given stocks on the given day, 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 whatever i say with a grain of salt with that, let's take a look at ticker symbol: s-o-l-o solo, Electro-Mechanical vehicles corporation now i just done a video on this yesterday and wanted to give a little bit of an update on the stock for anybody out there who has a swing trade deal and a position in this stock. Now i think today was a hell of a day for for bulls, swing, traders or day traders, and you might be thinking to yourself.

Well. Why are you saying that? Because we didn't really, we didn't really break past this level of resistance right here, but we did do something, even though we didn't break through this level of resistance. We hit this one time two times three times four times we hit this level of resistance four times. That's a quadruple under now.

Eventually, this stock is going to break through this level of resistance. This 7.48 to 7.50 range is going to be huge if we can get solo to either in the after hours or the pre-market or the normal market hours on monday to breast to breast that's funny if we can get it to break through this level of 750. I stand by my position that you are going to see a huge run-up on this stock. Now, let's take a look at the one day chart and see the price action on the stock, so at market open we saw a pretty heavy limit order cell go through and that took you know about 15 or 20 minutes of the stock.

But from there we had some pretty solid stair stepping happening, so we reached a level here sitting at about seven dollars and 24 cents new support level on the day of 7-eleven new high 737 new support level. 726 new high, very briefly, push through this level of resistance price rejection back down to 7 30., the lowest point here in this little valley. This cup is 719. push through this level of resistance, once twice price rejection, and we bottomed out here at seven dollars and if you want to count the very smallest wick of the candle here about seven dollars and five or seven dollars and four cents.

Now, let's compare this to yesterday, we dropped significantly lower yesterday and i think guys that this is huge, huge news, because we have a 30 cent differential on the lowest level of support here on the stock for solo, which means that we have a much smaller risk Margin on a new floor to reach unless the bears take control of this stock, which is possible, but they do not currently have control of the stock. At this moment, let's take a look at the vma, the majority of the day the bulls were in control. We had about an hour window here where there was some consolidation. It was hanging out underneath the window of the vma back above hanging out at the vma here, finished below it for this last hour and a half, and what is interesting to me is that in the final half hour of the market, we saw a little bit Of a rally which we see that repeated trend here yesterday now that's something to pay attention to in the market is repeats and trends.

So this looks like a pretty similar chart to me. Man, i don't know, i mean we don't have the head and shoulders that we have here, but we have a price rejection, price rejection, price rejection back down to a level of support. We see that here, price rejection back down to a level of support, rallies after hours in pre-market hours, we're doing a little bit of a climb. I'd call this more of a consolidation, but we're definitely not going down.

It is a slight upward trend. As you can see, it is hanging above the volume moving average. So i think this is a very positive sign for any people that have a position in the solo stock. I think that there is a lot of upside left to this and not a ton of risk.

I think you know we have this pretty strong level of support here at 705 it was a pretty strong. You know price rejection, um of the 705 price valuation on the stock. It did climb pretty immediately after that into this 7.22 range that we're sitting at right now. So if you have a position in this stock that is sitting above the seven dollar range or below the seven dollar range, you know 705 or under, i think, you're pretty safe.

I think you can treat this as you know, kind of a uh, a stop loss. You know if you break below the 705: maybe you have your stop loss set at 703., seven dollars to cut your losses or to just secure your profits. However, having a position in the stock myself and again, i'm not a financial, advisor or expert. You should not take my advice, i'm just some guy on youtube.

I am going to be holding this stock until it breaches above this level of resistance, because i think when you do hit this level of resistance and we push through it you're going to see a huge run. I think you're going to be pushing eight dollars. Eight dollars and 25 cents you're gon na see a huge climb, pretty similar to what we saw here. So here we had the catalyst which was an analyst pushing out onto the news that we have a nine dollar price target on solo.

Immediately after that, we went 675 all the way up to 7.35. That's huge, that's huge, and that's just immediately. That's within the first hour, we peaked out an entire 75 cents above that, and i think you could see a pretty similar run here. If we can break above this 750 line, i think you could be seeing a 50 cent to 75 cent run and if you get into this stock sitting at 690, 685 you're looking at a huge return on your investment, that'd be a solid swing trade and i Would pat yourself on the back if you can turn that kind of profit on on your investment? So i maintain a pretty bullish standpoint on solo uh.

I do have a position in this stock so take that for what it is. I do have a little bit of bias as i hope to turn a profit. However, i do recognize that the stock market is a wild ride. Man and anything can happen.

So let me know what you think of solo in the comments section down below. Please drop a like on the video if you enjoyed it drop a dislike. If you didn't either way, the youtube algorithm will be helping me out in the end, and i would much appreciate it and have lots of love for everybody out there. That's helping me out.

I have a goal to get to 50 subscribers by the end of the week. So if you would like to see more content like this in the future, please subscribe to the channel, it would mean everything in the world to me and more until next time, guys, peace.

By Trey

2 thoughts on “Solo resistance $7 50 // $8 potential upside // daily chart technical analysis”
  1. Avataaar/Circle Created with python_avatars Michael W says:

    Came back to the beginning to see how it all started just watched your 100k challenge video for the heart association. Good on you man, even with some issues your heart is solid! AMC to the MOON BABY! πŸš€πŸš€πŸš€πŸš€πŸš€πŸš€

  2. Avataaar/Circle Created with python_avatars Trey's Trades says:

    Bound any day now to bust through this resistance level. Hang tight to all my fellow bulls!

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