NKLA has been pinned down lately on the assumption that this company is not real, they don't have a single product, and that they are a total scam.
Well...there's a lot of those in the stock market.
We are NOT another NKLA shill...we simply trade the charts.
Let's take you guys back to early August when we entered our trade (3-6month swing trade expected). We first saw ahead of that NKLA was holding its support at $28.70 level and got a bounce the next day.
Knowing that this is a hot stock regardless of the headlines, we noticed some buying and entered our trade around $33.30-$33.50 with shares at a 5:1 risk/reward with a target at just under $60/share.
This morning there was news that GM took 11% stake on NKLA and it took us back over to being up over 35% for the day. With NKLA closing above this level current level at $47.50 would put us right back on the move. Higher low has been potentially established and this could rally higher.
We're not chasing this move at all...simply riding out our long swing trade.
If you do wish to enter long here. WAIT for a full candle close above the breakout level. Enter on a pullback to test this level before entering.
Good luck traders!
*NOT A FINANCIAL ADVICE, THIS IS JUST OUR PERSPECTIVE AND WE DO NOT RECOMMEND ANY TRADES WE PUBLISH ON OUR CHANNEL. YOU WILL LOSE MONEY.