This XL Fleet Stock Chart Shows The Pullback Could Continue

XL Fleet Corp. XL shares were pulling back Monday, with no company evident news to explain the drop. 

XL Fleet was down 4.25% at $7.54 at last check. Here are technical levels to watch for the stock. 

XL Fleet Daily Chart Analysis: The daily chart has two key levels that may hold as resistance in the future.

The stock was able to find support near the $10 level multiple times in the past. 

Now, the stock may have trouble getting back above this level in the future, as it previously held as a support. 

Above the $10 level, the stock may not find more resistance until it reaches $14. This is an area where the stock has held as both support and resistance in the past. As the price sits below this area. it may hold as resistance.

The stock is trading below the 200-day moving average, indicating the stock may have some bearish sentiment. This indicator may hold as an area of resistance in the future if the stock climbs.

Another solid sign for bearish traders is the fact that the volume is increasing as the price is dropping. This potentially means that the downtrend isn’t over yet.

What's Next: Bullish technical traders would like to see the stock rebound and start to make higher lows. Eventually bullish traders would like to see the stock get back to the resistance levels and cross above with some consolidation.

Bearish technical traders would like to see the stock continue to fall on high volume. As long as the volume stays consistent, the stock may stay in the downward trend. Bears should be cautious when volume starts falling as the price falls; this could bring about the end of the trend.