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XL Fleet Is Trending: Technical Levels To Watch

March 10, 2021 12:10 pm
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XL Fleet Is Trending: Technical Levels To Watch

XL Fleet Corp. (NYSE:XL) shares are trending Wednesday. 

Earlier this month, short seller Muddy Waters released a report on the company; XL Fleet issued a detailed response Monday.

Here are some key levels to watch in the stock.

xl5min3-10-21.png

XL Fleet Technical Levels To Watch: The short-term, 5-minute chart above shows a channel is forming between the price levels of $9.50 and $12.

The stock took a strong downturn Friday and bounced at this $9.50 level. This could be a potential short-term support in the future.

Previously the $12 level held as a support, but the level was broken and the price retested these levels as resistance.

This $12 level is key for bulls, as they would like to see the stock price hold above the level before it makes another upward move. 

xldaily3-10-21.png

The daily chart above displays $10 has held as a strong support level in the past. To someone who trades using technicals, this means it could potentially hold as a support level in the future.

The chart history shows the $16 level previously held as a resistance. History may repeat itself and the level could potentially become a resistance in the future.

The $18.50 level was previously holding as a support but broke through that level sharply in mid-February. The technical saying goes “old support is new resistance,” so now this level may also hold as resistance in the future.

Bulls would like to see the support levels hold for a potential bounce and resistance levels break with consolidation.

Bears would like to see the support levels break with some consolidation below. 

XL Fleet is trading with a market cap of $1.53 billion.

The stock was up 3.44% at $12.02 at last check. 


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