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- Canoo share is currently in a downside momentum with the EV maker selling at discounted price
- Technical indicators are currently favoring a downside momentum. It has seen a a drop of 0.8% in the intraday session.
Canoo Inc. (GOEV) is an electric vehicle startup that has been making headlines in the automotive industry. Founded in 2017, Canoo aims to create affordable and sustainable electric vehicles for urban environments. The company poor financial health has led to a declining streak in the stock price. Recently Canoo( GOEV) has sold $52 million at a discounted price. Canoo has not named institutional investors involved in the deal. This has led a a strong downside trend in stock price. This may led to a new low in the price in the near future. The quarterly report of GOEV stock is not positive which has increased a negative sentiment in the investors. It looks like Canoo is facing a strong resistance from the other EV makers present in the market. Canoo stock price has seen a significant volatility in the past few weeks. Various analysts are expecting a significant momentum in the asset price for the future.
GOEV has a market cap of $379 Million which is on a decline. Meanwhile it has a EPS of -1.9 which has continued to push the bullish investors away.
Where Will Bears Of CANOO Stock Take It To?
The weekly technical chart of the Canoo stock suggests a downside trend in the future. On the daily chart it is trading near the value of $0.865 with a decline of more than 1.66% in the intraday session. It is currently trading in a downside parallel channel which can push the asset price to a new low. The upside trend of CANOO stock can see a halt near the value of $1.Meanwhile the support of the asset price can be seen near $0.5. It is trading below the 50 and 100 Daily Moving Average. There can be a negative crossover which can push the asset price down to a new low in the future.
RSI of the GOEV stock is currently near 33 suggesting its presence in the oversold zone. There is a downside slope which can push the asset price to a new low in future.
Conclusion
CANOO has sold $52 million stocks at a discounted price to institutional investors. GOEV has seen a strong downside parallel channel. Various analysts are expecting the continuation of price to a new low.
Technical Levels
Major Support:$0.5
Major Resistance:$1
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
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
