IDEX Stock News: Ideanomics Inc at critical support, break or bounce? Collaboration with BLNK could help
|- NASDAQ: IDEX is trading at around $1.44, close to the late-June low.
- Ideanomics Inc. is struggling with short-sellers that cast doubt about its finances.
- Collaboration with charging firm Blink or with others in the EV industry could help.
NASDAQ: IDEX is on the back foot as short-sellers seem to be getting their way. Those that have doubts about Ideanomics Inc's financials – despite denials and records showing it delivered EVs – are pushing the stock lower.
The Delaware-registered firm operating in Asia has tough competition from firms such as Workhorse Group Inc. – which remains in the limelight. Ideanomic may also collaborate with Blink, which owns and/or operates charging of vehicles running on electricity. The synergies are there, but will both firms join forces?
Other competitors include Nikola and of course Elon Musk's Tesla – whose worth has surpassed that of Toyora, the world's No. 1 carmaker in the world. As Tesla's price may feel rich for some investors, small companies such as IDEX may find its feet.
Ideanomics Inc stock
NASDAQ: IDEX is trading around $1.44, down around 6% from the level it closed on Thursday, ahead of the long Independence Day weekend. It is far above the 52-week low of $0.28 or from penny-stock territory it had experienced in early June.
However, it is also off the peak of $3.98 recorded in mid-June, when the hype around it soared. At current levels, the $1.45 closing level of June 26 is critical support. The dip below that line is yet to be confirmed – and technical traders will watch the close. If shares end trading above that line, it would serve as a higher low and a bullish sign. Conversely, closing below that level would mean a lower low and a bearish sign.
Broader stock markets are encouraged by China's push into stocks. Local media has touted the time for recovery, including in equities, and searches for "open-stock account" roared higher. It is also supporting shares in the US. Will NASDAQ: IDEX move up?
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