REE Automotive Ltd to print 1500% extension?On the above 15 day chart price action has corrected 99% since late 2021. A number of reasons now exist for a bullish outlook, they include:
1) Price action and RSI resistance breakouts.
2) Confirmation of support on past resistance.
3) For this stock the 6 day Gaussian channel is important (see below). Look left. What was once confirmed resistance is now confirmed support. Again, look left, significant moves in price action followed.
4) A breakout of $12 would with support confirmation would see price action leap to the next resistance at $160.
Is it possible price action continues to correct? Sure, sellers love to jump in after a 99% correction.
Is it probable? No.
Ww
Type: trade
Risk: You decide, very low market cap
Timeframe for long: January 2025
Return: 1200 to 1500%
Stop loss: Elsewhere
6 day Gaussian channel.
