Lordstown Motors Shares Slam Into Resistance

Shares of Lordstown Motors Corp. RIDE look weak. They failed to get through the resistance at $11 and have been trending lower since.

The charts of Tesla, Inc. TSLA and NIO Inc. NIO look similar. Companies in the same industry frequently have similar appearances on a chart and that’s the case here.

See also: How to Buy Nio Stock

But there’s a crucial difference. Tesla and Nio broke their respective resistance levels while Lodstown Motors did not. This may indicate future weakness for Lordstown.

Lordstown Motors on Monday afternoon reported an earnings loss of 72 cents per share, which was lower than the loss of 16 cents it reported in the same quarter last year.

See Also: Lordstown Motors Shares Fall On Lowered Unit Guidance, Need For Capital

The company also announced its goal of beginning production in September 2021 remains on track, however, it noted the Lordstown Endurance production in 2021 will be limited to 50% of the company's prior expectations at best.