Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares are trading higher Wednesday as bullish momentum is supported by increased trading volume. Here’s a look at what you need to know.
What To Know: Polestar’s trading volume on Wednesday was above 33.5 million at last check, significantly above the average volume, suggesting strong buying interest. This surge in volume aligns with the recent price increase, confirming the bullish sentiment.
Support levels are established at $1.10, the recent low, and $1.00, a psychological level. Resistance is found at $1.42, the recent high, and $1.50, which could act as a barrier if the stock continues to rally. The RSI is calculated at 70.12, indicating overbought conditions, which may lead to a pullback. The MACD shows a bullish crossover, but the lines are converging, signaling potential weakening momentum.
Market structure reveals higher highs and higher lows, confirming an uptrend. A potential ascending triangle pattern is forming, with resistance at $1.42 and support at $1.10, suggesting a breakout could be imminent.
Benzinga Edge rankings show weak fundamentals, with Value ranking 32.51/100 and Momentum ranking 44.22/100. The current market dynamics indicate a cautious approach, as the weak value and momentum rankings suggest that while there is bullish sentiment, underlying fundamentals may not fully support sustained growth.
Polestar is due to report quarterly results next month. Analysts expect the company to report a loss of 23 cents per share and revenue of $717.9 million, according to Benzinga Pro.
Polestar recently said it sold an estimated 18,049 vehicles in the second quarter, up 38% on a year-over-year basis.
PSNY Price Action: At the time of writing, Polestar shares are trading 17.07% higher at $1.30, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
