After a solid run NKLA is looking to be consolidating

Nikola has been selling off recently and i think it has a good chance to continue, Hanwha which was one of NKLAs early investors has been selling alot of shares recently and they'll have even more to unload, they might sell up to 11 million shares before december 10th if the price is high enough and volume requirements are met. Hanwha had this plan since march and waited until the stock price was higher to sell, so this isn't a bad sign imo. Now until those 11 million shares get bought up i don't think nikola moves up past that 18.50-19 resistance area. Also something to note, Hanwha sold 2.9 million of those 11 shares from june 9th-28th. There will be more selling so i'm looking to see if nkla backtests 15 and if it does i will add more to my position there.

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Well that was a quick backtest, didn't think it would happen so soon, but it looks like EVs in general had a rough day. I did end up buying this morning at the 15 level but this support level is pretty weak, i wouldn't be surprised see this double top play out and send NKLA back down to 11 or 12 range, i'll be looking to sell some calls about a month out or so against my shares tomorrow if the heavy selling continues

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update: i purchased 100 more shares in the 14.80 range, i then sold the 12.50 calls against my shares for the end of july.