Not too long ago we were looking at EV stocks. They have been pretty weird as a whole. Demand is still through the roof, but companies are struggling to stay profitable and keep up with demand. The result is that the sector isn’t steadily climbing as one might expect. We saw this in IDRV, the ETF that tracks electric vehicle related companies. It began telegraphing a pullback with a consolidation and a bearish crossover in the MACD. (take a look at what we wrote here.) Just a little over a week later, that expected drop became a real drop.

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This is a great example of how the right indicators can keep you ahead of the market. Now, just as we mentioned in that article, we are going to watch for the bottom and look for a buying opportunity.

Some times you see a move setting up and it plays out nicely, like this one. Other times you have to wait to see the move you were expecting. Andy Chambers has a great approach that allows you to increase that time it takes for a move to materialize. If you want to check it out, click here.

Keep learning and trade wisely,

John Boyer


Market Wealth Daily