NKLA potential bounce next week
Updated
It's been a couple of weeks but nkla has acted about how i expected, the double top pattern has played out and the price action respected the pattern. Now that it has played out i'll be looking for a bounce on nkla, i'll be watching the 13.65ish level for a bounce, if it bounces there i'll be watching 14 very closely for a trend reversal. Unfortunately for the bulls i'm not sure 13.65 provides enough of a bounce to push this stock up over 14 and reverse, so more then likely it'll be a failed breakout followed by more selling off. I'm as bullish as anyone on this stock but it's hard to envision a scenario where this goes up in the next month, i wouldn't be surprised to this stair step down for another few weeks before finding some real support. I feel like we could see 12.50 or possibly 11s before we get a true bounce, i'll have my next buy lined up in the 11s or 12s if it gets there. There's more selling to go but eventually it will relent and the bulls will send this higher once nkla gets the tre's on the road. Stay strong bulls.
Note
well, today was interesting day of price action, it was a little lower than 13.65 but nkla may have caught a bounce, it closed very close to that 14 level that i alluded to. Tomorrow should be an important day, failure to break 14 and this bounce will most likely fail and continue lower, however on the smaller time frames it looks like nkla is actually making higher lows on it's way to that $14 mark, i'm not necessarily bullish on the immediate short term for nkla but the chart is suggesting that i may need to close my covered call position against my shares if nkla breaks over 14 tomorrow
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.