Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading
Nikola Corporation (NASDAQ: NKLA) stock price has fallen 57.3% over the past 12 months as the electric vehicle manufacturer struggled to restore public confidence in the firm.
The company recently unveiled its electric truck built in Italy by Iveco, a small truck manufacturer looking to compete with the more prominent truck manufacturers.
The partnership between the two companies is a marriage of convenience, given that Iveco’s CEO clearly stated that he did not like the Nikola team when they first met. Still, they needed Nikola’s tech expertise and ability to raise funds for its projects.
Still, the partnership results can be seen in the production-ready truck presented to reporters in September. The company seems to have finally shaken off the scandal perpetrated by its founder, who faked a running truck last year.
Nikola announced a partnership with TC Energy, a Canadian oil pipeline operator, to build and operate large-scale hydrogen hubs to produce the fuel needed to operate Nikola’s vehicles.
The company plans to build a hydrogen-powered truck, unveiled at the recent launch but will not enter production until 2023.
It appears the company is keen to start monetising its intellectual property regarding hydrogen-powered trucks despite the delayed initial production date, showing that it is confident in its production abilities and capacity.
TC Energy is the company behind the failed Keystone XL Pipeline project and has been looking for ways to diversify into renewable energy sources as consumer preferences shift toward cleaner energy sources.
Nikola’s shares price is trading within a tight range, not presenting an excellent trading opportunity from a technical perspective. However, a break above the $12 resistance level could trigger a rally to the $15 level and above.
Furthermore, a drop to the support level at $9.50 could present an excellent bullish entry opportunity for short-term traders targeting the $12 resistance level.
Meanwhile, Nikola’s fundamentals appear quite promising if its current projects progress well over the coming months and years.
*This is not investment advice. Do your due diligence before making investment decisions.
Nikola stock price.
Nikola stock price is down 57.32% over the past 12 months, and many are wondering whether the stock can reverse course.
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