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Barchart
Josh Enomoto

Surging Canoo (GOEV) Offers a Two-Sided Trading Opportunity

GOEV Canoo Barchart United States Electrek

Easily one of the top-performing securities on Monday was upstart electric vehicle manufacturer Canoo (GOEV). Skyrocketing over 49%, GOEV stock benefited from a key governmental approval. With that, retail investors believe a turnaround is in order. Maybe Canoo will recover, maybe it won’t. As traders, it’s best to consider the data and engage realistic probabilities.

Canoo splashed green ink on the charts following management’s announcement that the U.S. Department of Commerce approved the company’s Oklahoma City facility as a Foreign Trade Zone (FTZ). Per Electrek, this designation will help accelerate Canoo’s “Made in America” EV strategy. As well, the development could improve unit profitability, thus providing a clearer roadmap to breakeven.

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