Published on 5 Sep 2023 on Zacks via Yahoo Finance
Should You Buy ElectraMeccanica Vehicles Corp. (SOLO) After Golden Cross?
ElectraMeccanica Vehicles Corp. (SOLO) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, SOLO's 50-day simple moving average broke out above its 200-day moving average; this is known as a "golden cross."
Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.