Nikola Corp. (NASDAQ:NKLA) and
Lordstown Motor Corp. (NASDAQ:RIDE) are a couple of EV stocks looking to break the downtrend that the companies are in.
Nikola Daily Chart Analysis: The chart above shows Nikola is forming what technical traders may call a “descending triangle” pattern.
The line of support happens near $10 in the pattern for Nikola. This is an area the stock was previously holding as resistance before it broke out. The stock then tested this area as support.
Resistance comes from the line that connects all of the highs on the chart together. The downward sloping line connecting the highs shows the downtrend.