Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Canoo stock price (NASDAQ: GOEV) is down by 51% approx on YTD basis.</a> </li> 
 <li> <span>2</span> <a>GOEV stock struggles to climb above the 50 day EMA.</a> </li> 
 <li> <span>3</span> <a>Canoo Inc expected to release Earnings on August, 14 2023.</a> </li> 
</ul> 
<p>Canoo stock price (NASDAQ: GOEV) down by 51% on YTD basis and forming a bearish pattern. GOEV stock price is in bear grip and consolidating near in a wide range.&nbsp;</p> 
<p>Canoo stock price is trading below the 200 day EMA indicates downtrend. The buyers struggle to hold the price above the 50 day EMA showcase sellers dominance.&nbsp;</p> 
<p>In the beginning of February, Canoo stock price dropped below the $1.00 support level which triggered the negative sentiment. Later, prices continued to decline by forming lower lows and corrected 50% in the short span of time.&nbsp;</p> 
<p>The downfall in the GOEV stock halted near $0.5000 and short term pull back arrived. Minor recovery is visible in the stock but $0.8000 turned out as a hurdle and prices again reverted in a downward direction.&nbsp;</p> 
<p>Canoo <a href="https://www.thecoinrepublic.com/2023/08/03/canoo-inc-nasdaq-goev-stock-price-roadmap-to-5-in-2023-report/" target="_blank" rel="noopener noreferrer nofollow">share price</a> is consolidated for a few months into the wide range between $0.4180 to $0.8519. Buyers tried multiple times to break the higher range hurdle but got rejected.&nbsp;</p> 
<p>Meanwhile, the massive surge in the buying volume is visible and prices also increase substantially. Sadly, the move was speculative and buyers failed to hold the higher levels.</p> 
<h2 class="wp-block-heading" id="strong-will-canoo-stock-retest-1-00-strong"><strong>Will Canoo Stock retest $1.00?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/SspR0ZqLN6KeEzNsSjSMMkiPd2Pqy05ve3GjovwkgWy8842NA7gZZ0bF-nmL9VSA918UzUSif1xzxukqd2g_DjLWRf7K_A_eu9EitYdh3a59tlr6hAAKD5GlY6_zB7rnoub7OyjXt9K0hoRtxPce8g" alt="Canoo Stock: Beware of short squeeze in GOEV Stock after Earnings"> 
  <figcaption class="wp-element-caption">
    NASDAQ: GOEV daily chart by <a href="https://www.tradingview.com/x/kDKv6RDJ/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>Canoo stock price (NASDAQ: GOEV) is in a strong downtrend and short term pull back is not sustaining on higher levels. It shows the dominance of sellers.&nbsp;</p> 
<p>The broader market index Dow Jones and Nasdaq composite is turning mildly bearish. It might also negatively impact the market sentiment.&nbsp;</p> 
<p>Canoo Inc. scheduled the quarterly earnings on August 14, 2023. Analysts estimate an EPS of -0.195. If the company succeeds to meet the estimates then the possibility of short squeeze will increase.&nbsp;</p> 
<p>On the other hand, if a company disappoint in earnings then it is likely to remain in consolidation.</p> 
<h3 class="wp-block-heading" id="strong-goev-stock-is-highly-bearish-strong"><strong>GOEV Stock is highly bearish</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp; 
 <div id="tradingview_9f7ad"></div> &nbsp;&nbsp; 
 <div class="tradingview-widget-copyright"> <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a> 
 </div> &nbsp;&nbsp; 
 <script type="text/javascript" src="https://s3.tradingview.com/tv.js"></script> &nbsp;&nbsp; 
 <script type="text/javascript">

  new TradingView.widget(

  {

  "width": 950,

  "height": 500,

  "symbol": "NASDAQ:GOEV",

  "interval": "D",

  "timezone": "Etc/UTC",

  "theme": "dark",

  "style": "1",

  "locale": "en",

  "toolbar_bg": "#f1f3f6",

  "enable_publishing": true,

  "allow_symbol_change": true,

  "studies": [

    "STD;Supertrend"

  ],

  "container_id": "tradingview_9f7ad"

}

  );

  </script> 
</div>  
<p>GOEV stock price is highly bearish and no signs of recovery are visible. But due to heavy short build the <a href="https://www.thecoinrepublic.com/2023/08/03/canoo-inc-nasdaq-goev-stock-price-roadmap-to-5-in-2023-report/" rel="noopener noreferrer nofollow">stock</a> might react violently. The volatility may increase in earnings. However, for the long term the stock is expected to remain below $1.00 only.&nbsp;</p> 
<p>The MACD curve slopes sideways denoting more consolidation is possible in the existing range. The RSI at 50 denotes neutral territory and equal level of tug of war between buyers and sellers.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Canoo stock price (NASDAQ: GOEV) is in bear grip and no signs of recovery is visible. However, quarterly earnings are near so the risk of short squeeze is high.</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li>Resistance levels: $0.8519 and $1.000</li> 
 <li>Support levels: $0.5000 and $0.4180</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Canoo Stock: Beware of short squeeze in GOEV Stock after Earnings

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Thecoinrepublic.com

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