What's Going On With EV-Maker Nikola Stock?






Nikola Corporation (NASDAQ:NKLA) shares are trading higher Thursday, and the stock is up more than 50% over the past five days. Here's a look at what's going on. 

What To Know:

Nikola unveiled the first commercial hydrogen fueling station in Alberta, Canada on Wednesday. The company said the HYLA fueling station will help meet the fueling needs of the Nikola hydrogen fuel cell EVs in the Canadian market. 

Last Thursday, Nikola celebrated the inauguration of its first HYLA hydrogen refueling station in Southern California with an event featuring truck and hydrogen refueling demonstrations, facility and equipment tours and technology Q&A sessions with Nikola engineers. 

Nikola shares have grabbed the attention of retail investors, and the stock is one of Thursday's top trending tickers on WallStreetBets, according to data from SwaggyStocks. According to Benzinga Pro, 17.78% of shares are being sold short which, when combined with heavy trading volume, can lead to large price movements. 

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NKLA Stock Prediction 2024:

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Nikola, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Nikola, the 200-day moving average sits at $1.17, according to Benzinga Pro, which is above the current price of $1.01. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

NKLA Price Action: According to Benzinga Pro, Nikola shares are up 10% at $1.00 at the time of publication Thursday.

Image: Courtesy of Nikola Corporation

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