Largo
Proterra Pennant Play! Another EV Company Gearing Up For A Move
Proterra $NASDAQ:ACTC designs and manufactures electric transit buses and electric charging systems. I am not going to do a big write-up on Proterra, this play for me would be a shorter term swing/breakout play. The company looks solid, their customer base is quite impressive and spans across North America. They are a very diverse company and have established a strong foothold in the heavy-duty electric transportation industry.
Chart: Beautiful pennant has developed over the past 31 days and looks to me like we could rally back to $30 if the market complies. I will be watching ACTC for volume. As can be seen from the chart once it was announced Proterra was going to be merging as ACIC we had a huge rally to $31 and then a cool off with a base forming at $24-$25 range. I will be looking to enter on breakout of the pennant with common stock and depending on the IV I may enter 2/19 $25 calls (currently $1.3/1.5).
If the pennant breaks down watch to see if ACTC finds support at $23 lvl where it has demonstrated a solid bottom already.
Chart: Beautiful pennant has developed over the past 31 days and looks to me like we could rally back to $30 if the market complies. I will be watching ACTC for volume. As can be seen from the chart once it was announced Proterra was going to be merging as ACIC we had a huge rally to $31 and then a cool off with a base forming at $24-$25 range. I will be looking to enter on breakout of the pennant with common stock and depending on the IV I may enter 2/19 $25 calls (currently $1.3/1.5).
If the pennant breaks down watch to see if ACTC finds support at $23 lvl where it has demonstrated a solid bottom already.
Nota
ACTC broke out of the pennant this morning in AH, let's see what it does at open.Nota
ACTC gapped out of the pennant and then proceeded to sell-off. currently at $24.71. I will be watching for a bounce on the 50 SMA above on the 4h chart to remain in the pennant.Nota
ACTC did find support on the 100 SMA on 4h chart. Will be watching it the rest of the week.
Nota
ACTC testing the top trendline again during pre-market. lets see if there is follow through today or more strength in pre-market.Nota
ACTC heading to bottom of Pennant. Tested top trendline two days straight in premarket but failed to hold above.Nota
sure is tight here, which way are we going to break?!
Operación activa
Started to break below the pennant bottom trendline today. Market has been very weak this whole week. will keep watching ACTC for some volume/price action. All of the major EV players have been taking hits this week except for CCIV. So I will be watching for that sector to get hot again to see if ACTC will be rallying with.Nota
Nota
failure by ACTC which was expected in this market. Hitting the $23 support area. Will be watching $20 area to add some shares at the HVN.Nota
ACTC still looks strong. failed yesterday with the whole market and jumped right back up. Look for ACTC to start to move with the other big EV/green energy names.
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Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.