IDEX looks poised to regain some losses. It’s trapped in a lateral trading range (like many disruptive smaller cap stocks) but is showing some good accumulation at current prices. Most simple and logarithmic and static resistances have been broken and higher time frames look good. There is a slowing of downward momentum showing up on the weekly and a potential flag on the monthly. This has the ability to move quite a bit with a logical price target around $5 in the relatively near term.
IDEX is an electric vehicle fleet play in the markets. Other similar companies have experienced downward action as the sector as a whole has corrected. The sector appears to be attempting to regain some upward momentum and IDEX, in particular, finished the monthly candle with a large hammer. This indicates a possible strong reversal to the upside.
I’ll be covering more details about IDEX in the near future here on Gator Traders