-NASDAQ: IDEX is on course to top the $5/stock level amid its WAVE acquisition
-Ideanomics Inc. deal with Solectrac also provides room to the upside.
-Medici Motor Works’ zero-emissions heavy trucks and buses should also help out in the mid-term.
Thursday’s premarket trading is showing that IDEX shares are set for a decline of around 2%, following a one-month surge of more than 55%. Ideanomic’s shares closed Wednesday’s trading at $3.27 after hitting a high of $3.41 – showing that the $3 mark will probably hold.
It is essential to note that the IDEX shares changed hands at around $3.29 in June 2020 , and have created a perfect Cup and Handle pattern since then, which is considered a bullish signal. Bargain-seekers probably bought IDEX shares at around $1 and can already exit if they feel like cashing in on the latest surge, but if this pattern continues we could see above $5 prices really soon.
Inauguration of Joe Biden is already proving to be a good catalyst for clean energy stocks. Mr. Biden has already moved to reinstate the U.S. to the Paris climate agreement just hours after being sworn in as president.
Developments related to the firm’s dealings with WAVE, Solectrac, and Timios continue convincing investors to pile in. For more seasoned traders, Ideanomic’s pivot from media company to NASDAQ listed new energy company is a great move. At the current price, IDEX is getting close to the $5.45 closing high in August of 2018. If it extends its gains we could see new ATH in Q1 2021.