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Gores Guggenheim Inc (NASDAQ:GGPI) was soaring up more than 13% on Friday, heavily outpacing the general market, which saw the S&P 500 trading up about 0.7%.
The special purpose acquisition company (SPAC) is expected to merge with Polestar this month and list as a public company on the Nasdaq. The merger has garnered interest from traders and investors, especially after Polestar announced on June 9 that it had begun supplying Hertz Global Holdings Inc (NASDAQ:HTZ) with electric vehicles.
Polestar, a Swedish electric vehicle manufacturer, will deliver 65,000 of its Polestar 2 EVs to Hertz over the next five years and plans to increase its annual sales to 290,000 vehicles by the end of 2025.
Gores Guggenheim and Polestar announced they had entered into a definitive business combination agreement on Sept. 27, 2021, a deal with an enterprise value of roughly $20 billion.
Gores Guggenheim reversed course on Friday after gapping down on Thursday and was working to print a massive bullish engulfing candlestick. Although consolidation will eventually be needed, if Gores can close the trading day over the 21-day exponential moving average, higher prices may be in the cards for next week.
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The Gores Guggenheim Chart: Gores attempted to regain support at the 21-day EMA on Friday but was struggling with the area. The SPAC did regain support at the eight-day EMA. If the stock can gain the power over the coming days to trade above the 21-day EMA, the eight-day will eventually cross above it, which would give bullish traders more confidence going forward.
See Also: How to Read Candlestick Charts for Beginners
Photo: Courtesy Polestar