Last week we talked about smart ways to exploit the trend towards EVs. In that article (which you can read here) we looked at a couple ETFs that offered a more diversified approach to trading this trend than trying to pick the one company that was going to be the big winner.
IDRV is an ETF that tracks EV related companies and it popped up on the radar this morning as it flashed a reliable signal on its chart.
In the last couple days, IDRV has gapped up a little and then closed down, but both days were above the 10 day moving average. on Friday it hung right at the 10 day. If we look back at the last few rallies for IDRV, it starts with a MACD bullish crossover. This is seen on the bottom of the chart when the purple starts in negative MACD territory and than crosses above the red line to head into positive territory. This has been pretty consistent and shows us that if we see that crossover today, it is a solid buy signal.
We’ll keep an eye on this one and see how it plays out.
Keep learning and trade wisely,
Market Wealth Daily