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Shares of Lordstown Motors Corp. (NASDAQ:RIDE) may have broken an important support level. Even worse, there’s a chance this level will turn into resistance. This could keep a ceiling over the stock.
The support was at $7. When RIDE reached it in May, the downtrend ended. This is because at this level, there was more demand than there was supply of the shares. The buyers took all the shares the sellers had and a rebound followed.
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But now the shares have broken this support level. They are trading lower.
Many of the investors who bought RIDE at $7 now regret their decision to do so. A number of them decide to sell, but they will only if they can sell them at the same price they bought at. This way they won’t lose any money.
As a result, they place their sell orders at $7. If there are enough of them, it will form resistance. This supply of stock may keep a top on the price.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.