Sometimes, shares of companies that are in the same industry have similar chart patterns. They have similar trends and a tendency to reach important inflection points at the same time.
But that’s certainly not the case with EV makers Tesla, Inc. TSLA and Lordstown Motors Corp. RIDE.
After holding above the critical support around the $590 level, TSLA has been in a solid uptrend. Now it is trading around $700 and the uptrend seems to be intact.
On the other hand, shares of RIDE have broken important support around the $7 level. Since then, they have been trending lower. They are currently trading around the $6 level. There’s a good chance the downtrend continues.
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