NKLA round bottom reversal
Updated
NKLA has reversed a trend down in the past week as it clear concerns with potentially being
delisted with NASDAQ. The symmetry in the trends is shown with an arc overlaid. This
brings to mind a cup and handle pattern in progress. It seems likely the NKLA will have
a bullish continuation from the good news of stability of its NASDAQ listing. Potential
buyers on the sidelines may take positions and generate momentum. I will trade a long
trade early in this upcoming shortened trading week. The longer-term anchored VWAP provides
support as so just under that will be the stop loss. The first target is 1.70 which was a
resistance level a few weeks ago.
delisted with NASDAQ. The symmetry in the trends is shown with an arc overlaid. This
brings to mind a cup and handle pattern in progress. It seems likely the NKLA will have
a bullish continuation from the good news of stability of its NASDAQ listing. Potential
buyers on the sidelines may take positions and generate momentum. I will trade a long
trade early in this upcoming shortened trading week. The longer-term anchored VWAP provides
support as so just under that will be the stop loss. The first target is 1.70 which was a
resistance level a few weeks ago.
Trade closed manually
Although the trade realized profits they were less than expected. NKLA is trading sideways and on lower time frames but in a head and shoulders enough to convinceme to close out completely and so deploy funds into FSR and RIVN.
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