Nikola finally tested the long term resistance trendline today, largely based on Earning Report anticipation. It was quickly rejected from the trendline on HIGH volume. This was also the first time it tested the bearish ema death cross, and its now confirmed. Expect further mark downs.
Knowing how SPACs work, their traditional FIB levels, and psychological levels, $19-$20 is the next level of support. $20 is traditionally a large resistance level for every SPAC as it usually correlates to the break even point of a redeemed warrant.
Don't be surprised for NKLA to be range bound as it builds proper support and is accumulated. NKLA Bulls should be prepared to go through frustrating price action, failed rallies, and bull traps over the next 4-6 months, if not longer. $SPCE is probably a good analog.
Good luck!
Knowing how SPACs work, their traditional FIB levels, and psychological levels, $19-$20 is the next level of support. $20 is traditionally a large resistance level for every SPAC as it usually correlates to the break even point of a redeemed warrant.
Don't be surprised for NKLA to be range bound as it builds proper support and is accumulated. NKLA Bulls should be prepared to go through frustrating price action, failed rallies, and bull traps over the next 4-6 months, if not longer. $SPCE is probably a good analog.
Good luck!
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Is the target really reached though :)
