Gores Guggenheim (GGPI) Stock News and Forecast: Future Polestar remains interesting
- GGPI stock is soon to be renamed Polestar stock when GGPI completes SPAC deal.
- GGPI shares rose after Polestar’s Superbowl ad.
- GGPI remains high on social media internet lists.
Gores Guggenheim (GGPI) fell back a bit on Thursday as yet more risk-off sentiment took over after another geopolitical merry-go-round. Ukraine said a kindergarten was hit by shelling, and markets immediately began offloading risker assets, of which GGPI is seen as one. GGPI is a SPAC that will take Polestar public sometime in the first half of this year. Polestar is an electric vehicle manufacturer backed by Volvo and China’s Geely. It already has cars in production and on the roads in Europe and will soon expand. It recently announced it will use Volvo’s manufacturing plant in South Carolina.
Gores Guggenheim Stock News
The main kicker behind the stock price of GGPI this past week was the Superbowl ad last Sunday. The cars certainly look impressive, and with the backing of Volvo GGPI has an advantage over other pure independents such as Rivian (RIVN) and Lucid (LCID). There is not a lot of fresh news flow behind yesterday's sell-off in the stock.
This is a momentum play and is likely to suffer whenever risk assets are sold off. The developments yesterday certainly saw that follow through as the Nasdaq fell nearly 2.5%. GGPI can be said to have outperformed then as it only fell 0.9% by comparison. Ahead of the weekend risk assets may again get some interest as Russian and US Foreign Ministers are due to meet to discuss the Ukraine situation. Already GGPI stock is up 1.4% in Friday’s premarket.
Gores Guggenheim Stock Forecast
We identified $12.36 as the higher resistance and $12 as also important. Yesterday GGPI shares followed on from Wednesday's failure at $12.36 with an inside candle. This basically shows indecision with a little strong direction. $12.36 remains the first target for bulls. $10 is the obvious cash-based support level.
GGPI chart, daily
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
