NKLA can move higher from a support level LONG

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.

Comment:

Price moved up thi morning. Stop loss now raised to a trailing 5%. Trade is risk free. Full position. Call options taken.

Comment:

Expecting NKLA to reach the target of 1.02 tomorrow to close out the week and rest

for another move up next week.

Comment:

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.

Comment:

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

Comment:

Zoom in chart