Nikola Stock Price Hangs By A Thread Amid Critical Support Retest

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Written By: Abdullah Sarwar

Nov 23, 2023, 20:58 GMT 20:58

Summary:

NASDAQ: NKLA Outlook: Nikola stock price needs to hold $0.86 support to avoid another retest of the all-time lows.

The market capitalization of Nikola Corporation has once again slid below $1 billion. Additionally, Nikola stock price has also gained acceptance below $1. However, the breakdown below two major psychological numbers is not the only reason to turn bearish on NASDAQ: NKLA as there are more headwinds.

The manufacturer of electric and fuel cells operated vehicles recently reported its third quarterly earnings. The report shows that the company’s loss widened in Q3 due to the recall of its battery-electric semi trucks. In fact, the company will spend almost $62 million to replace batteries for 200 trucks.

As a result, the company’s share has dipped below $1 after multiple attempts to gain strength above the magical number.

NASDAQ: NKLA Chart

The latest technical analysis of the daily chart suggests $0.86 is the only support level that currently lies above the all-time lows of $0.52. Therefore, Nikola stock price prediction depends on the upcoming retest of this level.

This post was last modified on Nov 23, 2023, 20:58 GMT 20:58

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.