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NIKOLA CORPORATION

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NKLA trade ideas

#NKLA Isn't bad as it looks ! one more dip before it goes up.My own beliefs : In the stock-market : Every one is lying except the chart . I see very promising technical pattern on #NKLA . On such patterns we tend to have one more dip before the stock start to grinding up . It's not for entry now . Not before we hit the $10 price mark for one last time . This is very long-timed setup . It isn't for everyone except the investors who have financial ability to buy for investing for +2-3 years period . Most of us retail traders we can not take such a trade . unless it's about to start the move .
NASDAQ:NKLALong
by K-alonzi
NKLA - Could there be enough juice to reverse longterm downtrendHi Guys, So a follow up on NKLA this time on the 4hr after todays close. Things are starting to get interesting. Todays trading day was insane with alot of back and forth. Eventually price action heading down to 18.70 level before being wicked up. As you can see the price target below 19.10 was bought up due to it being in the Golden Ratio Zone at .618 FIB. Showing tremendous support and buying power. Closing today at $19.51. Also note that after the bottoming around approx 13.30 level, it triggered a Elliot impulse to the upside followed by ABC correction which i believe printed the C wave bottom when we tried to go through the .618 FIB level ($19.10). Now we are resting on a support level that has flipped support from resistance as noted with blue arrow icon. With extra protection currently at .618 fib level. Currently there is tight action occurring with a formation of a pennant. Pennants are usually continuation patterns. I've also added 50 day SMA, which if price action is above marks uptrend. I would like to add that a stronger case would have been made if daily candle closed above 19.60 price level. Showing strong support off the 50SMA. Currently it closed a little under. There seems to also be some slight volume increase with last few 4hr candles compared to WAVE 3. STOCH RSI also has bottomed to oversold territory, marks potential momentum to upside. Ill be waiting for confirmation of the pennant formation with breakout and candle close outside above it. Also descending trend line of pennant and the current support line can also be a potential descending triangle. Which could cause price action to test back inside of the bigger descending triangle (linked below) I've also provided link to NKLA chart for a bigger picture on the daily. This chart coincides with the descending triangle that's been forming since blow off top in June 2020. Last 4 days we've been battling the resistance trend line. With volume the 4 hour Pennant play theoretically should have enough juice to battle it once more and potentially breakout. If so ill be taking major positions on confirmation of a breakout from descending triangle which would mean trend reversal to upside. Tight stop loss below first hypothetical closed candle wick. 1st target would be filling the gap at approx. $26 I wish everyone luck and please leave comments, advice and your insights below! THANKS.
NASDAQ:NKLALong
by SafofAllTrades
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