NKLA can move higher from a support level LONG
Updated
NKLA had news this week with the litigation over the Badger brand. The news is over and the
real trend is hydrogen stations in California and perhaps Western Canada impacting the
buildout of infrastructure with the help of Biden administration handouts. NKLA has corrected
and fallen into the support of the Fib retracement. Zig and zag I look to enter a long trade
here and target the recent pivot high with an initial target of half way there as a retrace of
a retrace. This would be about 1.02 but I will round it down to 0.99 to be below the
psychological level. This is a risky penny stock trade. With FSR falling off the exchange,
NKLA is getting some extra trader interest which may help carry it higher. This is a 30 minute
chart and meant to be appropriate for intraday or short duration swing traders.
real trend is hydrogen stations in California and perhaps Western Canada impacting the
buildout of infrastructure with the help of Biden administration handouts. NKLA has corrected
and fallen into the support of the Fib retracement. Zig and zag I look to enter a long trade
here and target the recent pivot high with an initial target of half way there as a retrace of
a retrace. This would be about 1.02 but I will round it down to 0.99 to be below the
psychological level. This is a risky penny stock trade. With FSR falling off the exchange,
NKLA is getting some extra trader interest which may help carry it higher. This is a 30 minute
chart and meant to be appropriate for intraday or short duration swing traders.
Note
Price moved up thi morning. Stop loss now raised to a trailing 5%. Trade is risk free. Full position. Call options taken.Note
Expecting NKLA to reach the target of 1.02 tomorrow to close out the week and restfor another move up next week.
Note
Trade closed: target reached
NKLA price spiked in the premarket and hit the limit order to close at 0.99. Later,price peaked at 1.02 as per the idea. Likely profit taking will close the week down
to finish. Looking to re-enter at a lower price next week. Basically a 10% quick trade. 75% on the options trade.
Note
Current price action suggests I exited early and could have got 5% more out of the trade. Watching for price action next week which could be a day to rest and digest
and then another leg higher.
Trade active
Long NKLA also 0.5 Striking calls for 5/17 Note
Zoom in chart
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