So electrameccanica company has been here for a longggg time but not many people knew about it till today -what’s the story with the EV brand new MR bean compact looking car? at 18.5k for a brand new full electric car with a 80 MPH per hour speed and battery of 17.3 kWh and most importantly so small you can park it anywhere. remember the price is a key to reach consumers here and that is a part of the NIO craze ! so yeah it does kind of look funny but its very practical for urban city life and the company behind it actually knows very well what they are doing - this is why i believe SOLO is going to rock the EV market and push aside some older known brands. the company has been around since 1959 in Italy by the founder Frank Reisner - a great car engineer but not a great business man in my eyes, he has made over 10 different car models and won several awards but never really got the company to the next level. in 2016 the company built SOLO model as electric formula one race car and entered the NASDAQ at 2018. Today the car is still unknown on most parts -never saw one in real life but this to me is the solution of "Smart" car combined with "Abarth" on the electric version and I believe that in this price and the current vast marketing budget the company is using the stock is way undervalued. LET’S TALK TECHNICAL: So the stock was trading below 3 broke out on fundamentals to 3.33 on the EV craze and haven’t looked back since. New higher high of 3.92 on November 9th and there started a strong impulse wave that is not healthy for a stock with no substantial earnings yet- jumped to 4.97 and gave a gap to 5.28 - remember GAP MUST BE FILLED and that means stock will go back to "review" that price at some point. from 5.27 to almost 8$ in 4 hours with a retracement to 6.43 and all based only on investors hype for EV market at the moment - which I am sure stock will revisit very soon when Biden gives his nomination speech. we are currently in the end of a corrective wave and stock is expected to climb up to 6.5$ and give us one more correction to fill in the gap at 5$ and from there I really think stock will surge all the way to Q1 earnings in 2021 where they are expected to show some profits on paper. As per now I am a strong buy and big believer in this stock and m=company behind it unlike many other new EV stocks popping out every day – these guys have been around for a long time and they have a finished product in their hands to show for. Similarities between Xpeng and SOLO - just thought its worth mentioning the waves identical movements between the two:
Trade Safe and beware of the Hype – bubbles are meant to burst ! Leeroy
Nothing is coming for NIO, NIO is in Asian Markets, SOLO will first have to penetrate US market or Europe most likely before going anywhere else really...NIO with Chinese gov backup has zero to worry about but all EVs will lift each other so it's safe to say when they fall, they fall together and when they rise they rise together, that's what happened to NIO against TSLA
Mo-le
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Great one, my only comment is the factory announcement will happen at Nov so we can see the upside before filling the gap and that can make it reach to 11ish
AllupINu
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@menab2020, I’m new to all this trading stuff and trying to learn.. in your opinion you say to buy more of this stock?
FDGT_academy
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We’re sayin this is a strong company with proven experience and a good product ,at the moment this stock is very cheap ..
MarsalisWilson
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You called this like perfect bro just perfect
FDGT_academy
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@MarsalisWilson, thanks bro, credit goes to Eliot wave theory not me :) but appreciate it
cher9al
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Any chance it'll retrace back to 5 for a good buy in?
FDGT_academy
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@cher9al I don’t believe 5 will be possible -7 maybe but also seems far
hsh215
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This stock has been on my radar for some time... I think it can easily go up to 14-20 easily
FDGT_academy
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@hsh215 I completely agree it’s blowing up in the last werk