Nikola Wave Analysis – 27 October, 2021

• Nikola reversed from key resistance level 11.5

• Likely to fall to support level 10.00                                                                          

Nikola Corporation continues to fall after the price reversed down from the key resistance level 11.50 (which has been reversing the price from the start of August).

The resistance zone near the resistance level 11.50 was strengthened by the upper daily Bollinger band and by the 50% Fibonacci correction of the downer impulse from July.

Given the clear daily downtrend, Nikola Corporation can be expected to fall further toward the next round support level 10.00 (target price for the completion of the active impulse wave (iii)).