NKLA trends lowerNow its pretty to point out that NKLA at the moment is stay way stock for share buyers. Today NKLA pumped maybe trying to short out novice investors by "buying the dip."
NEWS
-GM says it wont move forward with NKLA, which is a smart play as Trevor Milton is being investigated
-SPACS are rumor to be in a bubble and NKLA bubble poped from past FORD ceo interview
TA
-Well we are in a downtrend (no shit), so the pump today still goes along with the downtrend, with so much negativity I personally wont be buyer till $9, but support lines add up to 11.09-13.95, which may be the new trading range for a long period of time
-RSI is below 39.1, which according to bullish price action it would have to stay above
-MACD is flipping bullish, but news catalyist doesn't look so hot
Final Thoughts
I personally have no stake, not even a put. I would be a small buyer between 11.09-13.95, but I would wait till it dips under 11.09 creating "despair" in the market cycle, which could be absolute bottom. This range would last until theres a breakthrough or even sales that come in which would happen in 3-4 years. Again not a buyer here and wait for the final drop of probably Trevor dumping and hitting stop loses of swing traders and long term holders. Plus the EV market is tanking, so not a good buying opportunity.
