Lordstown Motors Stock Reaches Critical Level

Lordstown Motors Corp. RIDE shareholders haven’t had much to celebrate. After trading above the $30 level in February, shares have been in a steady downtrend. If the support around the $7 level breaks, this move lower could continue.

When shares reached $7 in May, there were enough buyers to put a floor under the price. Buyers were willing to take all of the shares the sellers were offering. A rebound followed.

Shares have dropped to this important level again. If the stock trades below it, it will mean the buyers who created the support are gone. They have either finished or canceled their orders.

With this demand for the stock off of the market, the stage will be set for the downtrend to continue.

See Also: Cash-Strapped Lordstown Motors Raises $400M Through Private Placement