3 Bullish EV Suppliers Going Into The Week

3 Bullish EV Suppliers Going Into The Week

Photo courtesy of Plug Power.

As the world switches from combustion engines to electric powered modes of transportation, investors and traders are beginning to focus on the companies that produce and manufacture supplies for this market.

Plug Power Inc (PLUG) and Luminar Technologies Inc (LAZR) provide systems used in electric vehicles, while Gratomic Inc. (CBULFF), through its partnership with Forge Nano, will provide high purity vein graphite to the EV supply chain. All three stocks look ready for a bullish move going into the week.

The Plug Power Chart

Plug Power, a hydrogen fuel cell system developer, looks to have found a bottom on April 21 following a steep 68% sell off after making an all-time high of $75. Since its slight rebound, Plug Power has spent the past seven trading days battling resistance at $28.80, and it closed just underneath it on Friday.

Plug Power’s stock closed above the eight-day exponential moving average (EMA), but is still trading below the 21-day EMA, which shows bullish indecision. The stock rejected the 200-day simple moving average (SMA) on Friday, showing overall sentiment is still slightly bearish, but declining bear volume could indicate the stock is running out of sellers. This could push Plug Power up over the 200-day SMA if bullish volume comes in, which would then switch the overall sentiment back to the bulls.

Bulls want to see Plug Power’s stock close over resistance at $28.80 and continue northward to regain the 200-day SMA. If the stock can regain those levels, it has room to move up to fill the overhead gap at the $40 mark.

Bears want to see Plug Power’s stock continue to reject its overhead resistance, which could see it back-test support near the $24 level. If it isn’t able to hold $24, it could revisit $14 before finding another level of support.


The Luminar Chart

Luminar, an autonomous vehicle sensor and software company, found a bottom at $16.05 and bounced 63% before entering into consolidation. The bounce followed this consolidation created a bull flag pattern under resistance at $26.05, and, if that pattern is recognized, the stock looks set for bullish continuation.

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