Million

Time

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Nikola stock price closed at $1.11 with a loss of 5.13% during the last intraday session.</a> </li> 
 <li> <span>2</span> <a>A lithium-ion battery cell caught fire inside a Nikola semi-truck near its Arizona plant on 4 September.</a> </li> 
 <li> <span>3</span> <a>Since the beginning of August, NKLA stock has dropped roughly 70%.</a> </li> 
</ul> 
<p>Nikola (NKLA) stock gained strong bullish momentum during early June, rising from the low of $0.54 and forming an annual high of $3.71. The bullish rally was halted after the release of second-quarter earnings results on 4 August 2023.&nbsp;</p> 
<p>Also, the chief executive officer of Nikola Corporation stepped down due to a “family health matter” which led to a fall in NKLA shares at the beginning of August. The stock price’s downfall was due to several reasons and currently, the price has been hovering near $1, striving to form a strong base.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="570" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-109-1024x570.png" alt="" class="wp-image-165501" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-109-1024x570.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-109-300x167.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-109-768x427.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-109-750x417.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-109-1140x634.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-109.png 1450w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: NKLA Stock Price By <a href="https://www.tradingview.com/x/AlxN3yEv/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The last candle closed as a bearish candle, falling roughly 5.13%. If the next candle can shatter the support level of $1.05, NKLA stock price might melt down toward the minor support level of $0.74.</p> 
<p>On the other hand, if bulls can push the price above $1.40, it might rise toward support turned resistance level of $1.60 and potentially toward $2 on the condition that bullish momentum prevails.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-what-going-on-with-nikola-corporation-strong"><strong>What Going On With Nikola Corporation?</strong></h2> 
<p>On September 4, 2023, a lithium-ion battery cell caught fire inside one of Nikola’s semi trucks near its Arizona plant. Multiple fire departments arrived at the scene to contain the fire and clear away the burned vehicle from the building.&nbsp;</p> 
<p>However, this isn’t the first fire incident for the EV maker. In July 2023, Nikola reported a fire near its headquarters and stated that the leak of coolant inside a&nbsp; single battery pack might be the probable reason.&nbsp;</p> 
<p>In mid-August, the EV maker also recalled roughly 209 class 8 Tre-battery electric vehicles as a precautionary measure after the fire incident. Nikola also stated that they are temporarily holding new BEV sales until the issues are resolved.&nbsp;</p> 
<p>Nikola Corporation also provided guidance for the third quarter and the full year. It expects delivery between the range of 60 and 90 trucks, generating a revenue between $18 Million and $28 Million.&nbsp;</p> 
<p>Nikola as of now expects delivery between 300 and 400 trucks in 2023, generating a revenue between $100 Million and $130 Million, with total research and development expenses between $210 Million and $220 Million.</p> 
<h2 class="wp-block-heading" id="strong-will-nkla-stock-drop-below-1-strong"><strong>Will NKLA Stock Drop Below $1?</strong>&nbsp;&nbsp;</h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="570" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-99-1024x570.png" alt="Nikola Corporation (NKLA) Stock: Time Isn't Right For NKLA Stock" class="wp-image-165448" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-99-1024x570.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-99-300x167.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-99-768x427.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-99-750x417.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-99-1140x634.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-99.png 1450w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: NKLA Stock Price By <a href="https://www.tradingview.com/x/5k5KnWeK/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/08/29/nkla-stock-declining-trend-troubling-investors-lost-40/" rel="noopener noreferrer nofollow">stock price</a> has plummeted below 20, 50, 100, and 200-day exponential moving averages, indicating bearish momentum. Chaikin money flow (CMF) has been hovering below the 0 mark since 10 August, suggesting a strong confluence of bears over the price.&nbsp;</p> 
<p>Currently, CMF stands at -0.15, implying weakness in the market. The relative strength index stands at 33.89, nearing the oversold zone, indicating strong bearish momentum.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>The overall market structure and price action of NKLA stock is strongly bearish and the price needs to form a strong base near $1 to regain bullish momentum.</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<ul> 
 <li>Major support: $0.74 and $0.54</li> 
 <li>Major resistance: $1.60 and $2.00</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Nikola Corporation (NKLA) Stock: Time Isn’t Right For NKLA Stock

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Thecoinrepublic.com

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