Nikola Corporation ( NKLA ) shares are trading higher Thursday, and the stock is up more than 50% over the past five days. Here's a look at what's going on. 

What To Know:

Nikola ( NKLA ) unveiled the first commercial hydrogen fueling station in Alberta, Canada on Wednesday. The company said the HYLA fueling station will help meet the fueling needs of the Nikola ( NKLA ) hydrogen fuel cell EVs in the Canadian market. 

Last Thursday, Nikola ( NKLA ) celebrated the inauguration of its first HYLA hydrogen refueling station in Southern California with an event featuring truck and hydrogen refueling demonstrations, facility and equipment tours and technology Q&A sessions with Nikola ( NKLA ) engineers. 

Nikola ( NKLA ) shares have grabbed the attention of retail investors, and the stock is one of Thursday's top trending tickers on WallStreetBets, according to data from SwaggyStocks. According to Benzinga Pro, 17.78% of shares are being sold short which, when combined with heavy trading volume, can lead to large price movements. 

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NKLA Stock Prediction 2024:

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Nikola ( NKLA ), an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Nikola ( NKLA ), the 200-day moving average sits at $1.17, according to Benzinga Pro, which is above the current price of $1.01. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

NKLA Price Action: According to Benzinga Pro, Nikola ( NKLA ) shares are up 10% at $1.00 at the time of publication Thursday.

Image: Courtesy of Nikola Corporation ( NKLA )