Blink Charging (BLNK) is an owner, operator and provider of electric vehicle charging equipment and stations. And for purposes of a short term oriented swing trade, we are most interested in recent price information rather than company information.
BLNK has retraced to a much more attractive level in recent weeks. And has since established a higher low chart formation off the 32 area which can be interpreted as a sign of strength. If this momentum continues, it is within reason to see a test of the mid 40s or even 50s over the coming month.
The EV space is highly speculative and can be more sensitive to company and sector specific news relative to broader market sentiment in general. This is why these stocks are worth the short term risk in the face of an S&P that is flirting with an important resistance area.
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Here’s the swing trade idea:
Buy Stop: 38
Stop Loss: 31.5
Target 1: 44.5
Target 2: 51
Target 3: 58
Keep in mind many of the EV stocks are testing major support levels while the broader market is at a resistance. While many stocks in this sector are not highly correlated to the S&P, a broad sell off can still have some effect. While these stocks can trade on their own at times, the broader market context should not be ignored.
Respecting the stop loss order is especially important in light of this situation.
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