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The surge is fueled by lower-than-expected producer price index data and the Federal Reserve's rate hike pause.
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Shareholders rejecting the proposal to issue more stock contributes to the momentum building for Nikola's stock.
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A descending trendline indicates more sellers than buyers and acts as a resistance level.
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Valid trendlines require the stock to touch the line at least three times for significance.
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On July 9, Nikola broke up bullishly from a long-term descending trend line, negating its downtrend.
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Retracement offers entry points for bullish traders during Nikola's upward movement.
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Reversal candlestick patterns like doji or hammer candlesticks can indicate the continuation of Nikola's uptrend.
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Nikola's relative strength index (RSI) measures around 72%, suggesting an overbought condition.
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Resistance levels for Nikola are at $1.16 and $1.50, while support levels exist at 81 cents and the 52-cent mark.
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Next steps