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- 1 NKLA stock price prompted a turnaround and gained momentum in the past sessions.
- 2 Buyers are acquiring traction and are looking to top the 200-day EMA.
Nikola Corp. (NKLA stock) price has retrieved momentum and is taking a U-turn from the demand zone of $1.00, decisively transcending the primary hurdle of $1.50. Moreover, NKLA stock upheld above the 50-day EMA which indicates strong buying interest this week. Blls have gained traction and are looking to retain the round mark of $2.00 in the upcoming sessions.
Nikola Corporation (NKLA stock) acquired momentum just after NKLA announced the new COO Mary Chan, known for her work in General Motors. Post announcemnt, NKLA stock gained pace, bounced, and topped the hurdles. Furthermore, the price action shows that NKLA stock has made a double-bottom pattern and is now surpassing the neckline of $1.45, indicating a breakout on the charts. Moreover, the volume spurt signifies the long buildup and investor curiousness witnessed in the past sessions.
NKLA stock price is close to the 100-day EMA mark, which if surpassed, it would lead to a jump toward the 200-day EMA cluster near $2.00. Furthermore, the buyers persisted in stretching, and sellers started covering their positions.
At press time, NKLA stock price is trading at $1.59 with an intraday massive gain of 33.61%, indicating strong buying momentum on the charts. Moreover, the trading volume increased by 111% to 306.512K, and the market cap of NKLA stock is $1.362 Billion. Furthermore, analysts maintained a buy rating with a yearly target price of $2.70, suggesting a significant upside for the following sessions.
Nikola Corp. is engaged in the provision of zero-emissions transportation and infrastructure solutions. It designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, components, energy storage systems, and hydrogen fueling station infrastructure. The company was founded by Trevor Milton in 2015 and is headquartered in Phoenix, AZ.
NKLA Stock Gains Pace on Daily Charts
On the daily charts, NKLA stock price has gained momentum and initiated a reversal from the support region of $1.00, showing a rebound in the past sessions. Furthermore, strong conviction reflects that NKLA stock will likely retest the round mark of $2.00 soon. If the price surpasses $2.00, it will vigorously jump toward $2.20, followed by $2.50 toward the upper trajectory in the subsequent sessions.
The RSI curve rolled back toward the neutrality from the oversold region, showing a positive crossover, indicating a significant upside for the following sessions.
The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting a strong positive outlook for the upcoming sessions.
Summary
Nikola Corp. (NKLA stock) price showed a reversal and attained momentum based on the news flows, which allowed the bulls to initiate the pace. Furthermore, the sellers are worried and are covering their positions due to the massive 33% surge noted in the past session. Moreover, the technicals suggest that NKLA stock will attain follow-on buying and may reach $2.00 soon.
Technical Levels
Support Levels: $1.50 and $1.20
Resistance Levels: $1.80 and $2.00
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
