TheGreatBatsby

NKLA is extremely bearish, $20 price target.

Long
NASDAQ:NKLA   NIKOLA CORPORATION
Nikola finally tested the long term resistance trendline today, largely based on Earning Report anticipation. It was quickly rejected from the trendline on HIGH volume . This was also the first time it tested the bearish ema death cross, and its now confirmed. Expect further mark downs.

Knowing how SPACs work, their traditional FIB levels, and psychological levels, $19-$20 is the next level of support. $20 is traditionally a large resistance level for every SPAC as it usually correlates to the break even point of a redeemed warrant.


Don't be surprised for NKLA to be range bound as it builds proper support and is accumulated. NKLA Bulls should be prepared to go through frustrating price action, failed rallies, and bull traps over the next 4-6 months, if not longer. $SPCE is probably a good analog.

Good luck!
Trade closed: target reached: Is the target really reached though :)

Comments

You're a cheater with your downward sloping resistance lines! Next time be more accurate with your drawings!
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@yupyupyup, cheating on resistance trend lines? are you serious?
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How did your short position turn out?
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@yupyupyup, how'd your position work out for you?
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yupyupyup TheGreatBatsby
@TheGreatBatsby, I exited at 45$ from a 35$ buy in. Congrats on your short!
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@yupyupyup, good job. Thoughts on their future?
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yupyupyup TheGreatBatsby
@TheGreatBatsby, I'm neutral at this point. On the one hand I think hydrogen has a future in long-haul transportation. On the other hand NKLA may have to fight off numerous law suits with a net result of atrocious amounts of dilution.
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Weekly stochastic RSI is going to steamroll your shorts into meaningless nothingness.
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