- Bullish chart trend still in place after wild ride for retail shares on Thursday.
- Ideanomics (IDEX) has been part of the wallstreetbets Reddit phenomenon.
- IDEX has benefited from strong retail interest and is up 99% for 2021!
Update: The uptrend in IDEX survives for another day with key short term support at $3.41 tested on Thursday. The wild ride in Gamestop (GME) related stocks may hit IDEX, but so far the trend remains bullish. Someone bought a $7 call option with a one-year expiry yesterday so clearly, they agree!!
Ideanomics (IDEX) offers solutions for fleet management of electric vehicles (EV), financing solutions for and monetizing the adoption of EV and its associated technology. IDEX also has a mobile energy division, which runs battery buyback programs for EV’s. The stock has performed well in 2021 showing a gain of over 100% so far!
IDEX stock news
IDEX has multiple catalysts right now. IDEX operates in the electric vehicle sector, which investors are very positive on right now. Just see Tesla (TSLA), NIO, etc. The Ideanomics CEO Alf Poor said in January that Tesla was set to be the Apple of electric vehicles, IDEX was set to be the Android! Not too shabby if IDEX achieves that! And last but certainly not least, we have the Gamestop (GME) effect!
The Gamestop (GME) effect
The phenomenon of 2021 has been Gamestop (GME). The massive short squeeze (or is it?), the rise of retail and the prominence of /wallstreetbets. The GME story is far from over and has repercussions across the entire stock market, changing the way the market works.
IDEX has nearly 20% short interest, with the short interest rising by 16% in December alone. IDEX has been mentioned as one of many potential shorts to squeeze along with the king Gamestop (GME), AMC, NIO, KOSS, LGND and others.
IDEX business news
IDEX also has plans to roll out electric vehicles via its Medici unit in the US, Canada and China in 2021, with plans for electric delivery vans, motorbikes buses and trucks. These are ambitious projects.
IDEX has been trying to expand its business and product offering. It took a stake in Soletrac, an electric tractor maker, and it also purchased Timios Holdings, a real estate title provider. But all this expansion has come at a cost to the bottom line. From 2018 to 2019, the gross profit of IDEX jumped from 2.8M to 40.8M, but over the same period in 2020, this has dropped to a small loss. The CEO of IDEX recently exercised 250,000 options at an average of $0.27c per share.
Ideanomics (IDEX) technical analysis
IDEX is in a strong uptrend on the 4-hour chart, with a series of higher lows and higher highs. The RSI has not peaked despite IDEX nearly reaching the previous high of $4.75. Support at $3.41 keeps the uptrend in place, with a break of the old high $4.75 the target.
The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
![EUR/USD holds near 1.1100 after mixed US data](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/dollar-and-euro-bills-58059534_XtraSmall.jpg)
EUR/USD holds near 1.1100 after mixed US data
EUR/USD struggles to hold above 1.1100 in the American session on Thursday. The US Dollar holds its ground following the mixed macroeconomic data releases as investors refrain from taking large positions ahead of Friday's jobs report.
![GBP/USD stays above 1.3150 as markets assess US data](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/new-style-twenty-pound-notes-3079195_XtraSmall.jpg)
GBP/USD stays above 1.3150 as markets assess US data
GBP/USD continues to trade in positive territory above 1.3150 on Thursday. After weakening against its rivals on weak ADP employment data, the US Dollar finds a foothold on upbeat Jobless Claims and ISM Services PMI data, limiting the pair's upside.
![Gold extends recovery toward $2,520 area](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/stack-of-golden-bars-in-the-bank-vault-60756080_XtraSmall.jpg)
Gold extends recovery toward $2,520 area
Gold extends its rebound and trades near $2,520 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield stays in the red below 3.8% after mixed data releases from the US, supporting XAU/USD.
![Crypto Today: Bitcoin, Ethereum attempt recovery from recent dip, XRP loses key support and slips to $0.54](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/Bitcoin_Book_XtraSmall.jpg)
Crypto Today: Bitcoin, Ethereum attempt recovery from recent dip, XRP loses key support and slips to $0.54
Bitcoin and Ethereum attempt recovery from the decline earlier this week, BTC is back above $57,000 and Ether hovers around $2,400. XRP loses key support and slips to $0.54 on Thursday. Former CEO of defunct exchange Mt.Gox prepares to launch EllipX in Europe.
![ADP Employment Change Preview: US private sector expected to add 145K new jobs in August](https://editorial.fxstreet.com/images/Macroeconomics/EconomicIndicator/Employment/employment-51256484_XtraSmall.jpg)
ADP Employment Change Preview: US private sector expected to add 145K new jobs in August
ADP Employment Change is forecast to arrive at 145,000 in August. Labor market conditions could influence the Fed’s policy outlook. The US Dollar stays resilient against its rivals after posting large losses in August.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.