We have looked at EV trades frequently in the past. One that has popped up many times is the ETF IDRV. The recent rise in fuel prices and the falling cost of EVs has set up a potential breakout for IDRV.
When you take a look at the chart, you can see it has been beat up a bit. But with the sheer volume of investment moving into clean energy and EVs, the stocks that IDRV is based on are ready to move up. Using an ETF like IDRV means you don’t have to try to pick one of the holdings that make up the ETF, you can diversify and grab some of the entire category. But the best news about IDRV is on the chart. Take a look:
The first thing that jumps out is that after a slide since the beginning of the month it is finding support and starting to reverse. The recent move back above the 200 day moving average means it is found a potential bottom and has momentum to the upside. You can also see the MACD at the bottom of the chart getting ready to cross over. That Bullish MACD crossover is a great sign of a big move to the upside.
This is a great way to grab a potential piece of the EV boom.
We will keep an eye on it.
Keep learning and trade wisely,
Market Wealth Daily