Resistance

Time

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>NKLA stock is currently trading below the key moving averages showcasing bearishness on the daily charts.</a> </li> 
 <li> <span>2</span> <a>Nikola Corp.’s stock is trading below the $1 level.</a> </li> 
</ul> 
<p>Nikola stock price is facing strong bearish pressure on the daily technical charts, as it is trading below the 100 and 200-day EMA. Despite several attempts by the buyers, the stock has failed to break above its key resistance levels near the EMAs in the past few months.</p> 
<p>The stock is currently trading near $0.9657, with a marginal drop of 1.31% in the intraday session. The stock has a potential upside target of $2, but it needs to overcome the bearish momentum and surge above the 200-day EMA. The stock has a support level of $0.8369, which could prevent further downside.&nbsp;</p> 
<p>Nikola’s price prediction suggests that the stock is in the firm grip of the bears and needs to show some signs of reversal before confirming a bullish trend.</p> 
<p>The technical indicators favor bears projecting, a pessimistic perspective for the buyers. RSI and stochastic RSI oscillator are moving near the overbought zone whereas the major EMA lines are acting as barrier points for NKLA price.</p> 
<p>The company’s performance has been dismal throughout the year. It has suffered negative returns of 56.50% in the year-to-date period, gained 23.89% in the last six months, dropped 30.53% in the last month, and 14.54% in the last week. This shows a persistent bearish trend that has not reversed yet.</p> 
<h2 class="wp-block-heading" id="strong-technical-analysis-of-nikola-stock-price-in-1-d-timeframe-strong"><strong>Technical Analysis of Nikola Stock Price in 1-D Timeframe</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img loading="lazy" decoding="async" width="1600" height="712" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/11/image-220.png" alt="Nikola Corp. Stock: Is This the Right Time To Buy NKLA Stock?" class="wp-image-180311" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/11/image-220.png 1600w, https://www.thecoinrepublic.com/wp-content/uploads/2023/11/image-220-300x134.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/11/image-220-1024x456.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/11/image-220-768x342.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/11/image-220-1536x684.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/11/image-220-750x334.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/11/image-220-1140x507.png 1140w" sizes="(max-width: 1600px) 100vw, 1600px">
  <figcaption class="wp-element-caption">
   Source: Nikola.1D.NASDAQ by TradingView
  </figcaption>
 </figure>
</div> 
<p>Nikola Corp. stock (NASDAQ: NKLA) is trading under the 50 and 200-day DMAs (daily moving averages), which do not uphold the price trend.&nbsp;</p> 
<p>The current value of RSI is 38.12 points. The 14 SMA is above the RSI line at 41.61 points which indicates that the Nikola stock is bearish.</p> 
<p>The MACD line at -0.0723 and the signal line at -0.0740 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the NKLA <a href="https://www.thecoinrepublic.com/2023/10/23/nkla-stock-beware-of-short-squeeze-in-nikola-stock-know-why/" target="_blank" rel="noreferrer noopener">stock </a>price.</p> 
<h3 class="wp-block-heading" id="strong-weekly-time-horizon-analysis-strong"><strong>Weekly-Time Horizon Analysis</strong></h3> 
<p>The weekly charts of Nikola stock reveal that the sellers have been dominant. The stock has been on a downward trend, as it has broken below the key EMAs. The technical indicators also confirm the bearish sentiment, as the RSI is near the oversold zone at 41 and the MACD has formed red bars and a bearish crossover. These signals indicate that the stock may face more downside pressure in the coming weeks.</p> 
<h4 class="wp-block-heading"><strong>Summary</strong></h4> 
<p>Nikola Corp. (NASDAQ: NKLA) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the NKLA stock price. Nikola Price’s action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<p>Support Levels: $0.8369 and $0.7500</p> 
<p>Resistance levels: 1.23$ and $1.37</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.</p>

Nikola Corp. Stock: Is This the Right Time To Buy NKLA Stock?

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