NKLA: Is the Bloodbath Over?
From its height of $94 in June of 2020, NKLA has certainly seen a beatdown since then. We've reached NKLA's original levels before the bull run. For NKLA today, $13 is a critical level of resistance. Let's rewind the clock again: we broke through $13 in April of 2020 and bounced off of the same level, which was when our NKLA rocket took off. The same level was tested successfully in December, broke through in April of this year, had a failed retest in the same month, and now we are approaching this level yet again. With an ascending triangle forming (yes, this is my favorite pattern to trade for breakouts), this can see another quick surge to the upside. We have a little room to fill until then, but keep an eye out for one number: $13. Set an alert! It's also worthy to note that on April 22nd, NKLA had a daily volume of 82 million near the $10 mark. NKLA also busted through the 20/50 MA on the 4-hour timeframe and is now hovering above these MA's. Does this mark the end of NKLA's bloodbath?
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