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AwesomeAvani
Aug 5, 2023 4:30 AM

NKLA Cup and Handle Pullback for Long Entry Long

NASDAQ:NKLA1D
Nikola CorporationNASDAQ

Description

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NKLA on the 2H chart appears in a cup and handle pattern with the full pattern

including the bullish continuation now printed. The pattern predicts $ 2.00 of

upside . While the fundamentals of a change of CEO may be concerning, the

the creativity of finding cash during a slow cash burn without diluting current

shareholders. Perhaps he will have two classes of shares as a remedy. There

are upsides to "fresh blood". NKLA has been on the rise for two months albeit

with some volatility as seen in the price oscillation from the base of the cup.

The uptrend is that of a parallel ascending channel.

The rise of the amplitude on the AO indicator is reassuring and shows the

bullish momentum has the strength of bull legs. I see the pullback in the

last trading session as a buy entry. Let's go long! If you are interested in my

suggestions of the stop loss and targets or an equivalent options trade, leave

a comment. If you found this idea helpful, please like and subscribed.

Comment

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If you find this idea and its analytical setup helpful, consider liking and following.
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Cup And HandleOscillatorsMoving AveragesnklaFSRMULNFFIEWKHSrideevstockscupandhandlepatternbullishcontinuation
Comments
AwesomeAvani
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tradingview.com/gopro/?share_your_love=AwesomeAvani
hungmttoronto
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Work
AwesomeAvani
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@hungmttoronto, Thanks, as a native of Buffalo now living out west. I have fond memories of summer days in Ontario and Toronto. Trade well !
hungmttoronto
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Thanks ,will adding position on Monday,,
AwesomeAvani
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@hungmttoronto, just a thought but based on today's pullback this will jump hard on Monday. I plan on my add to a heavy position at 4AM eastern time as my broker allows premarket buys, -this means 1AM over here in the west. I will be watching the QQQ as well as the NQ futures if they are rising from today' s action NKLA could do 20% upside in a fast ride up. I am paying options as well, that is another story ( #dumpthenpump) No matter it's all good.
hungmttoronto
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Great thanks for the hard word
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