Bullish Potential in NKLA: Fib Retracement Highlights Promising
Updated
Hello fellow traders,
I would like to bring your attention to Nikola Corporation (NKLA) and the intriguing bullish potential it currently exhibits. In this post, I will outline a Fibonacci retracement analysis for NKLA, along with key take profit levels that could be considered for potential trade setups.
Fibonacci Retracement Levels:
- 0% - $0.54
- 0.382 - $0.98
- 0.5 - $1.12
- 0.618 - $1.26
- 0.786 - $1.45
- 1.0 - $1.70
Take Profit Levels:
- 1.272 - $2.01
- 1.618 - $2.41
- 2.0 - $2.86
Recent Market Developments:
Yesterday, NKLA demonstrated a notable rebound from the 0.382 retracement level, suggesting the presence of support in that area. Moreover, the stock is currently displaying signs of a breakout above the 0.618 retracement level, which is a positive indication for further upside potential.
Analysis and Trading Considerations:
1. With the rebound from the 0.382 retracement level, there is a higher likelihood of a bullish continuation. The move beyond the 0.618 level confirms this sentiment.
2. Traders may consider initiating long positions in NKLA, targeting the take profit levels mentioned above.
3. It is important to closely monitor the price action and market conditions to adjust your trading strategy accordingly. Implementing appropriate risk management measures is always advised.
Please note that this post is meant to provide informative insights and should not be considered as financial advice. Always conduct your own analysis and consult with a financial professional before making any trading decisions.
Best of luck with your trades, and may the markets be in your favor!
Disclaimer: Trading involves risks, and there is no guarantee of profits. The author of this post bears no responsibility for any trading losses incurred by individuals following the information provided herein.
I would like to bring your attention to Nikola Corporation (NKLA) and the intriguing bullish potential it currently exhibits. In this post, I will outline a Fibonacci retracement analysis for NKLA, along with key take profit levels that could be considered for potential trade setups.
Fibonacci Retracement Levels:
- 0% - $0.54
- 0.382 - $0.98
- 0.5 - $1.12
- 0.618 - $1.26
- 0.786 - $1.45
- 1.0 - $1.70
Take Profit Levels:
- 1.272 - $2.01
- 1.618 - $2.41
- 2.0 - $2.86
Recent Market Developments:
Yesterday, NKLA demonstrated a notable rebound from the 0.382 retracement level, suggesting the presence of support in that area. Moreover, the stock is currently displaying signs of a breakout above the 0.618 retracement level, which is a positive indication for further upside potential.
Analysis and Trading Considerations:
1. With the rebound from the 0.382 retracement level, there is a higher likelihood of a bullish continuation. The move beyond the 0.618 level confirms this sentiment.
2. Traders may consider initiating long positions in NKLA, targeting the take profit levels mentioned above.
3. It is important to closely monitor the price action and market conditions to adjust your trading strategy accordingly. Implementing appropriate risk management measures is always advised.
Please note that this post is meant to provide informative insights and should not be considered as financial advice. Always conduct your own analysis and consult with a financial professional before making any trading decisions.
Best of luck with your trades, and may the markets be in your favor!
Disclaimer: Trading involves risks, and there is no guarantee of profits. The author of this post bears no responsibility for any trading losses incurred by individuals following the information provided herein.
Note
We do need to break through the 0.618 level before we can continue any further upwards.Note
We'll find out now which direction we are going.Note
Nikola Corp Says Received Notice From Nasdaq Informing Co That It Has Regained Compliance With Nasdaq Listing Rule 5450(A)(1)tradingview.com/news/reuters.com,2023:newsml_FWN38L1OC:0-nikola-corp-says-received-notice-from-nasdaq-informing-co-that-it-has-regained-compliance-with-nasdaq-listing-rule-5450-a-1/
Note
Let's see if we can break $1.50 today. We need another leg up.Note
Well, I think that might be about it for NKLA. Might be time to do some shorts now. Looking bearish, and some not good news for the company came out today. asiaone.com/business/iveco-groups-acquisition-full-control-nikola-iveco-europe Note
$1.88
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