Look how Bad the Chart is: NKLA Short

Right now, the trendline literally looks like a downward wedge for NKLA. The bearishness is really bad, and I don't think management has enough upside to currently pose positive growth for this quarter. While, I root for the overall technology, not sure if NKLA can be the company to deliver. They also don't seem to have their own production in place. That being said, everything I say is on an opinion based basis. Right now, I think an entry here would be high risk. That being said, please proceed with caution. Do your own due diligence.


BULLISH FALLING WEDGE. If you don't know what that shouldn't be posting charts.
+1 Reply
lordofthebags yupyupyup
@yupyupyup, lol I was literally thinking the same exact thing
gamer456148 yupyupyup
@yupyupyup, Falling wedges already have downward bullish correlation trends. Sitting and arguing about using terms like falling wedge, downward trend, bearish correlation, descending triangle, etc. when you know what I was saying makes no sense. I want the point to be clear on the correlations that I see, not if I use everybody's exact preferred terminology.
Typically a descending wedge has a target breakout in the opposite direction
gamer456148 usablewifi
@usablewifi, Typically yes, but Nikola was way too overbought in the beginning and now traditional funds are starting to be uncomfortable with their business model. They need to garnish some positive news soon to warrant their high market cap in order to regain investor confidence.
usablewifi gamer456148
@gamer456148, it literally played out exactly as you would see in the textbooks lol
cgu001 usablewifi
@usablewifi you are right. super long for tomorrow
@cgu001, Yes, but wait until this meets resistance again. Overall long term growth haven't been healthy. In my opinion, and looking at the charts, long holders have historically suffered and this is more of a day trader's stock currently standing than one for the bag holders. Only time can tell. Do your own due diligence and proceed with caution at your own risk.
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