NKLA: Descending Triangle Nikola Corporation - Intraday - We look to Sell at 13.54 (stop at 15.24)
We look to sell rallies. Trades with a bearish descending triangle formation. Trend line resistance is located at 13.50. Previous support located at 9.00. The bias is still for lower levels and we look for any gains to be limited. We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Our profit targets will be 8.96 and 8.10
Resistance: 12.00 / 15.00 / 20.00
Support: 9.00 / 8.00 / 7.00
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