Technical Analysis for GOEV - Canoo Inc.

Grade Last Price % Change Price Change
F 0.55 -27.34% -0.21
GOEV closed down 27.34 percent on Friday, November 1, 2024, on 4.38 times normal volume. The bears made the stock sink to a new 52-week low. Due to the stock's strong downtrend, it may remain oversold for a while. So, if you're looking for a reason to buy, don't put too much weight on it being oversold.
Earnings due: Nov 12
*** please verify all earnings dates ***
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Trend Table & Recent EOD Trading Signals

ADX Long Term Intermediate Term Short Term
Strong Down Down Down

Date Alert Name Type % Chg
New 52 Week Closing Low Bearish 0.00%
New Downtrend Bearish 0.00%
Expansion Breakdown Bearish Swing Setup 0.00%
Volume Surge Other 0.00%
Wide Range Bar Range Expansion 0.00%
Lower Bollinger Band Walk Weakness 0.00%
New 52 Week Low Weakness 0.00%
Wide Bands Range Expansion 0.00%
Below Lower BB Weakness 0.00%
Down 3 Days in a Row Weakness 0.00%

   Recent Intraday Alerts

Alert Time
Down 2 ATRs about 20 hours ago
60 Minute Opening Range Breakdown about 21 hours ago
Down 10% about 21 hours ago
Down 1 ATR about 21 hours ago
2x Volume Pace about 22 hours ago

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Profile

Canoo is a Los Angeles-based company that has developed breakthrough electric vehicles, reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that defies traditional ownership to put customers first. Distinguished by its experienced team – numbering over 300 employees from leading technology and automotive companies – Canoo has designed a modular skateboard platform purpose-built to deliver maximum vehicle interior space and adaptable to support a wide range of vehicle applications for consumers and businesses. Canoo expects to launch its first consumer model in 2022, followed shortly after by a last-mile delivery vehicle and a sport vehicle, each built off of the same underlying skateboard platform.
Classification

Sector: Industrials
Industry: Conglomerates
Keywords: Electric Vehicle Vehicle Applications

Is GOEV a Buy, Sell or Hold?

Indicator Bull Case Neutral / Hold Bear Case
50 DMA
200 DMA
ADX Trend
Oversold / Overbought
Relative Strength

Comments

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SociableGnat503 about 1 year ago

Anyone invested in Canoo here? 

0 Reply
S

SociableGnat503 about 1 year ago

Thanks, guys! That's really insightful.  I'm not really a trader but am trying to reap some rewards in this unforgiving market so this is really appreciated.  

1 Reply
S

SociableGnat503 about 1 year ago

Earnings call tomorrow afternoon so suspect price movement may be based on funding news, production, and potential new partnerships.  Outstanding news is on Walmart orders, Kingbee orders, DOE loan, and US Army's contracting decision.  It should be telling 

0 Reply
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SociableGnat503 about 1 year ago

Can anyone explain why this got upgraded from an F to a D? What technical indicator compelled this out of curiosity? 

0 Reply
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TraderMike about 1 year ago

As explained here, the grades are simply a way to rank stocks from strongest performers to the weakest (over the last few months).  They are given a score from 0 to 100 and then assigned grades 0 - 19.99 is an F, 20 - 39.99 is a D, etc. 

I can't tell you exactly what changed in GOEV without doing a lot of digging but it's entirely possible that it was on the border line of a D and an F yesterday and it could be that several other stocks had their scores plummet, thereby lifting GOEV to a D. 

In fact, you can see here that it's been vacillating between D & F for the last few weeks:
GOEV Grade history

I wouldn't try to read too much into those grades, other than a way to get a general idea of how a stock has been performing.  As I wrote in that blog post years ago, I primarily use the grades as a way to sort & filter scan results

1 Reply
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TraderMike about 1 year ago

I decided to check the actual scores behind the grades.  Here's the last 2 trading days:

irb(main):004:0> s.rank_histories[-1]
=> #<RankHistory:0x00007f24a61ddf40 id: 24763158, trading_date: Mon, 14 Aug 2023, rank: 0.2082e2, letter_grade: "D">
irb(main):005:0> s.rank_histories[-2]
=> #<RankHistory:0x00007f24a61de080 id: 24743993, trading_date: Fri, 11 Aug 2023, rank: 0.1948e2, letter_grade: "F">
irb(main):006:0> s.rank_histories[-1].rank
=> 0.2082e2
irb(main):007:0> s.rank_histories[-1].rank.to_s
=> "20.82"
irb(main):008:0> s.rank_histories[-2].rank.to_s
=> "19.48"
So it changed from 19.48 to 20.82... not a big change in ranking but it does move it from a F to a D... or a F+ to a D- 😁

1 Reply

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Indicators

Indicator Value
52 Week High 8.809
52 Week Low 0.5202
Average Volume 3,449,458
200-Day Moving Average 2.19
50-Day Moving Average 1.09
20-Day Moving Average 0.92
10-Day Moving Average 0.86
Average True Range 0.08
RSI (14) 18.03
ADX 27.05
+DI 9.77
-DI 44.59
Chandelier Exit (Long, 3 ATRs) 0.82
Chandelier Exit (Short, 3 ATRs) 0.76
Upper Bollinger Bands 1.12
Lower Bollinger Band 0.71
Percent B (%b) -0.39
BandWidth 44.84
MACD Line -0.09
MACD Signal Line -0.07
MACD Histogram -0.0215
Fundamentals Value
Market Cap 568.82 Million
Num Shares 1.03 Billion
EPS -0.72
Price-to-Earnings (P/E) Ratio -0.76
Price-to-Sales 301.30
Price-to-Book 1.02
Pivot Point Level Traditional / Classic Fibonacci Demark Woodie Camarilla
Resistance 4 (R4) 0.92
Resistance 3 (R3) 0.96 0.86 0.86
Resistance 2 (R2) 0.86 0.77 0.85 0.84
Resistance 1 (R1) 0.71 0.71 0.66 0.67 0.82
Pivot Point 0.61 0.61 0.59 0.60 0.61
Support 1 (S1) 0.46 0.52 0.41 0.43 0.28
Support 2 (S2) 0.36 0.46 0.35 0.26
Support 3 (S3) 0.21 0.36 0.24
Support 4 (S4) 0.18