How the price action of Electrameccanica Vehicles Corp (SOLO) is used to our Advantage

August 31, 2022, 02:15 am ET, BY Jesse F.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Our job as #investors is to pay attention to the #stocks we own.  Part of that involves looking at the #fundamentals, but half of the disclosure comes from looking at price action. The  Electrameccanica Vehicles Corp (NASDAQ: SOLO) data table below can help you with price action, and we have more details too. Trading plans for SOLO are shown here too; these plans are updated in real time for subscribers, where this report is static. If you want an update, or a report on a different stock, please get one here Unlimited Real Time Reports.

Longer Term Trading Plans for SOLO

• Buy SOLO slightly over 1.11 target 1.56 stop loss @ 1.11 Details

The technical summary data tells us to buy SOLO near 1.11 with an upside target of 1.56. This data also tells us to set a stop loss @ 1.11 to protect against excessive loss in case the stock begins to move against the trade. 1.11 is the first level of support below 1.49 , and by rule, any test of support is a buy signal. In this case, support 1.11 is being tested, a buy signal would exist.

• Short SOLO under 1.56, target 1.11, stop loss @ 1.56 Details

The technical summary data is suggesting a short of SOLO as it gets near 1.56 with a downside target of 1.11. We should have a stop loss in place at 1.56though. 1.56 is the first level of resistance above 1.49, and by rule, any test of resistance is a short signal. In this case, if resistance 1.56 is being tested, a short signal would exist.

Swing Trading Plans for SOLO

• Buy SOLO slightly over n/a, target n/a, Stop Loss @ 0 Details

If n/a begins to break higher, the technical summary data tells us to buy SOLO just slightly over n/a, with an upside target of n/a. The data also tells us to set a stop loss @ 0 in case the stock turns against the trade. n/a is the first level of resistance above 1.49, and by rule, any break above resistance is a buy signal. In this case, n/a, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short SOLO near n/a, target 1.11, Stop Loss @ 0. Details

The technical summary data is suggesting a short of SOLO if it tests n/a with a downside target of 1.11. We should have a stop loss in place at 0 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, n/a, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for SOLO

• Buy SOLO slightly over 1.56, target n/a, Stop Loss @ 1.56 Details

If 1.56 begins to break higher, the technical summary data tells us to buy SOLO just slightly over 1.56, with an upside target of n/a. The data also tells us to set a stop loss @ 1.56 in case the stock turns against the trade. 1.56 is the first level of resistance above 1.49, and by rule, any break above resistance is a buy signal. In this case, 1.56, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short SOLO near 1.56, target 1.11, Stop Loss @ 1.56. Details

The technical summary data is suggesting a short of SOLO if it tests 1.56 with a downside target of 1.11. We should have a stop loss in place at 1.56 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 1.56, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

SOLO Ratings for August 31:

Support and Resistance Plot Chart for SOLO

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