NKLA They sold the rumors... now what?
On the 15 minute chart, the BB are indicative of a nice squeeze between support at 30.64 and resistance at 32.78 (which was Sept. 4 previous support and is now current resistance). On Sept 8 with the news of a partnership with GM, the stock surged from 35.63 to breaking through previous resistance of 37.32 to 54.50 in a day! I always say "what goes up must come down" but this crash and burned due to a Hindenburg report of bad news, go figure, haters... so they sold the fear which leaves us in this consolidation zone of the unknown. The RSI at 34.99 on the last candle is starting to trend higher than the previous 25 candles (the 25th candle previous also had a RSI of 34.99, a purple arrow is used to show which candlestick). The 25 candlestick back also happens to be support 37.27 which was "pre-GM news" resistance. The main thing going against this trade for a bullish run is no confirmation, only an inverted hammer. So if the price opens above previous close and the bulls are in charge, it may be time to grab a long position. It bottomed out at 30.82 or did it? Squeeze coming tomorrow? Its at the end of a bull flag also signaling a change. I think no more fear to sell... I've traded this since its early days of VTIQ. I did my DD and I knew what I was buying/selling. Every company starts with a vision. Intangible/intellectual assets are some times more valuable than tangible ones. Know what you own. This is not TSLA, two TOTALLY different companies, concepts. At the end of the day, something is only worth what someone is willing to pay. Right now I'm willing to pay 31.76 only if I have confirmation and my stop would be 30.62 just below support. Short term neutral, long term bullish, very long term.
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