The EV craze has brought many electric vehicles on to the road but an interesting piece of Ford's earnings call may be a warning that we are seeing a plateau. Ford tempered expectations in their call by saying the shift to EV is slowing. They spun it by noting they are ahead of other auto manufacturers and that they are in a good position to exploit this breather in the mad rush of EV production.
We have looked at EV stocks a lot on Market Wealth Daily and one we have had our eye on is showing signs of fatigue in it's recent rally.
IDRV is an EV focused ETF and we were able to spot the recent run early in a previous article. (you can read about it here) But you can see that it isn't just Ford that is seeing some exhaustion in this recent charge. After passing a recent high we see some consolidation and even the early signs of a bearish crossover in the MACD.
From a strategy standpoint, this creates an opportunity to look at a put option in the short term but also could create a bargain if we can keep an eye on IDRV and spot the next bottom.
We'll keep watching and keep you posted.
Keep learning and trade wisely,
John Boyer
Editor
Market Wealth Daily
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