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Technical Analysis: NIKOLA CORPORATION. (#NKLA)

Nikola Corporation is an American company that has presented a number of zero-emission vehicle concepts since 2016. The company intends on producing some of it's concept vehicles in the future. Nikola Corporation is based in Phoenix, Arizona. The company is named after Nikola Tesla but is not related to the inventor

#NKLA as of today is at - 64% from the 8th June price of $ 94.00: the Company is at the moment very volatile and very nervous in relation to news on the papers.

Therefore, we will comment from a technical perspective taking distance from the financial speculation of recent days.

From a technical perspective, the stock has broken the downward trend at $ 27.00 leading us to think that an upside is imminent: in addition the move is supported by quite relevant good volumes.

We see few similarities with the setup from 11 May 2020, which then brought the stock at all time high.

MACD is indeed sloping up signalling a change in trend and the RSI is at the moment at 50: both indicators are signalling that first the trend is reversing and that it has enough strength to move higher.

For the near future, we are expecting a strong move to the upside identifying $ 45 as a strong area of resistance:

Buy Price $ 28.53

First target $ 34.50

Second target $ 45

Stop loss $ 20.00

OTB Global Investments

25 November 2020

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