Using Nikola as an example, people may divert their attention to EV Truck now with the hype of EV.
FOMO traders may flock back into Nikola.
However, Im into similar company. (Shared with closed group only)
High risk to long, if you are willing to take the risk, reward come later
Printing $$ will weaken the currency. But not to forget that New president Joe Biden with his infrastructure plan, will help to boost US economy.
With the demand of US dollar, will DXY continue to trend downward and break $88? We shall see the strength in the chart.
We are in the inflection point. The circle area is the resistance since 2007. (Before GFC)
Will this area turn support? We shall see on coming Thursday. If after Biden reveal the stimulus package but dollar did not plunge below $88 and support within the circle area, we should see some strength in Dollar.
XOM was badly beaten due to Covid-19 and when they got removed from the index.
However with positive Covid-19 Vaccine, XOM big market Cap player shall not be forget.
A stable support seem to be form at the price of $30-$32.
Long playout -
Long after breakout
Long when pullback close to $34
SL @ $30 to prevent from whipsaw.
Overall - Down trend.
However, market is forward looking. If investors believed in Biden Covid taskforce, they might enter into travel/leisure counters.
Break above the descending triangle will show bullish sign.