Nikola stock soars as company join forces with GM

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General Motors (GM.US) announced strategic investment in Nikola (NKLA.US). According to the agreement, GM will obtain $2 billion in Nikola common stock, which corresponds to 11% ownership stake. In return GM will provide engineering and manufacturing services. Additionally Nikola with gain access to GM's global safety-tested and validated parts and components. Beginning with Nikola's annual meeting of shareholders in 2021, GM will acquire the right to nominate one director to Nikola's board of directors. The news lifted Nikola shares by 46% while GM rose 8% in pre-market.

General Motors (GM.US) stock launched today’s session with a bullish price gap and is currently testing the $31.55 resistance level. If buyers manage to break above it, an upward impulse towards $35.62 could be launched. On the other hand, once sellers regain control, the support at $29.00 may be at risk. Source: xStation5

Nikola (NKLA.US) stock skyrocketed during the pre-market trading. After the US Open price pulled back a little and is testing the $43.25 support level which is additionally strengthen by 50 MA (green line). Should upbeat moods prevail, resistance at $60.00 may come into play. However if sellers manage to broke below the aforementioned support, the downward move into $33.50 is possible. Source: xStation5

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