NKLA increase spipe before the drop

Hi,

I was holding a NKLA sell position at $30.5 over the weekend.
Then, today at 13:00:11 the position was auto closed at $37.1 … margin call.

Then NKLA went down and is now at 20$.

I have checked Yahoo Finance and for today NKLA has a maximum of $27

What happened there?

Is Tradind 212 cheating here by inflating the price before a drop?

Did anyone bought NKLA today at $37

Thanks!

There was a peak during the premarket, the price reached to 39 before dropping again. It was the initial reaction to news regarding GM deal.

I was also holding a short position with a stop loss as a precaution and due to this peak I needed to open a position again at a worse price after the stop loss is triggered.

You can check from the tradingview, see below

Contact customer service as T212 CFD was NOT open during pre-market when it reached that amount, so unsure why it closed you at that price.

NKLA 100% reached that price due to news that GM were modifying their contract, it rose and dropped within minutes (i was listening via Benzinga). I wanted to trade NKLA however the instrument was suspended (i also posted on the forum regarding it).

I edited the post when i realised NKLA was available in pre-market, so posting time is likely not accurate.

NKLA was active during premarket today. There was 12 minutes halt after the peak, not sure whether it was related to T212 or to the stock exchange, but it was active before and after that event. I was following the price before the news and I also opened a new position shortly after this peak.

1 Like

I’m aware it was open during pre-market, however as soon as i heard the GM news and went to NKLA the chart was stuck on $25/$26, and didn’t move until the price dropped.

Minus the halt, did you view the price action Live on your screen at the time the spike happened?

I think it is not uncommon to see price halts with huge volatilities, stock exchanges specially halts trading in these scenarios. It is a common occurrence with penny stocks. For example NYSE states that

A cross-market trading halt can be triggered at three circuit breaker thresholds that measure a decrease against the prior day’s closing price of the S&P 500 Index – 7% (Level 1), 13% (Level 2), and 20% (Level 3) (See NYSE, NYSE American and NYSE Arca Rule 7.12).

About your question, I was not looking at the price at the moment of this spike, but following it before that.

There are price information for 12:59 and 13:00 in the system. For me, as long as the price feed is online, it is normal for T212 to execute stop losses or margin calls.

Thank you for the information, fortunately having Level 2 it informs of the halts etc.

Hopefully someone may comment who experienced NKLA live at the time it peeked and was able to trade, or not able to trade, which may help the user with his question at purchasing NKLA at $37

If think you were looking at yesterday’s close of 27.93

Looks like 23 and that’s during normal trading hours, doesn’t include pre.

Edit: Yahoo

Bear in mind this is trades not the ask.

The raw hitting 38.99

The CFD I assume higher due to wider spread.

I can see this going to 8.99 very soon now that GM have finally pulled out.

So the BID was topping 38.821 today in CFD.

:thinking: are we going to see single digits next?

Should be fun watching Trevor try and take his profit now it’s Dec 1st. Will he be jailed?