Nikola gains despite tech stock sell-off

Nikola (NKLA.US) stock spiked 15.0% in premarket and currently is trading 2.0% higher despite broad negative sentiment.  EV trucker maker posted unexpectedly good quarterly results and plans to deliver a larger amount of electric semitrucks this year. 

• Adjusted loss per share21 cents below analysts’ estimates of 27 cents loss;
• Revenue of $1.9 million, topped market projections of $100,000;
• Company started serial production of its Tre BEV in March and received 134 purchase orders for this model
• Nikola said it shipped 11 saleable production trucks to dealers in April for customer delivery. 
• The EV maker said it remains on track to produce and deliver between 300 and 500 of its battery electric semitrucks this year, which could bring approximately $150 million in revenue.
• Nikola is working with other companies like Anheuser-Busch Inbev to complete a longer-range hydrogen fuel cell-powered version which is expected in 2023, which could boost company performance in the long-term.

Nikola (NKLA.US) stock launched today’s session with a bullish price gap, however buyers failed to break above the 50 SMA (green line) and price pulled back. Given the overall negative sentiment towards the tech sector, another downward move towards major support at $6.40 cannot be ruled out. On the other hand, a break above the  resistance at $8.96 which coincides with the downward trendline, could hint that short-term trend reversed upward and a recovery move is looming. Source: xStation5