Sometimes, shares of companies that are in the same industry have similar chart patterns. They have similar trends and a tendency to reach important inflection points at the same time.
But that’s certainly not the case with EV makers Tesla, Inc. (NASDAQ:TSLA) and Lordstown Motors Corp. (NASDAQ:RIDE).
After holding above the critical support around the $590 level, TSLA has been in a solid uptrend. Now it is trading around $700 and the uptrend seems to be intact.
On the other hand, shares of RIDE have broken important support around the $7 level. Since then, they have been trending lower. They are currently trading around the $6 level. There’s a good chance the downtrend continues.
