It’s Monday on PreMarket Prep Plus, which means another segment of “Briefing With Brent”. Brent Slava has been the head of the Benzinga Pro press office since 2013 and has helped investors, large and small, navigate the financial markets through their ups and downs.
The coming week: With the profit season coming to an end for the most part and a shortened trading week due to the Thanksgiving holiday, there is not much that can be done on the macro front to move the markets. Perhaps the only surprise of the week was the announcement that the President Joe biden renewed Jerome Powell as chairman of the Federal Reserve Bank.
Slava wanted to alert inventors that due to the shortened business week, the U.S. government changed the third quarter GDP release date. Instead of the Friday release, the data will be released at 8:30 a.m. EST Wednesday.
Consumer electric vehicle market: With the Los Angeles Auto Show and the recent buzz surrounding the EV market, Slava wanted to share a few mainstream EV manufacturers on her radar and see what the graphics looked like.
The first issue for which he looked at the technical aspects is a new IPO, Sono Group SA (NASDAQ: SEV),
With only five days of data, it’s difficult to delve deeper into the technicalities, but the problem seemed small after an explosion on day one that subsided on day two.
After the two-day massacre, the only relevant figure on the chart was its lowest since its first day of trading at $ 20.06. Once the show broke through Friday’s low ($ 24.51) to open, sellers gobbled up the show and it broke past its old all-time low ($ 20.06), falling to 19 , $ 51 and is now trying to bounce back.
The other question of interest to Slava was Mullen Automotive (NASDAQ: MULN). After hitting $ 15.90 on Wednesday, the street changed its mind about the company. The problem was hit hard on Wednesday ($ 13.14 to $ 10.12) and Thursday ($ 12.19 to $ 10.14). It stabilized on Friday to end the week at $ 10.14.
Based on the daily charts, there was potential support at the lower multiples surrounding the $ 9.60 area. However, this area found few buyers in Monday’s session and continues to record new lows for the session.
Monday’s show discussion with Slava can be found here: