So NKLA will hit 5.40 this afternoon before closing

Nikola's stock price is not likely to reach $5.40 this afternoon. Here's the analysis to support this conclusion:

1. Technical Indicators: The stock's closing price as of October 11, 2024, was $4.36. The Moving Average Convergence Divergence (MACD) was 0.12, the KDJ indicator was 2.95, and the Relative Strength Index (RSI) was 33.01. These technical indicators suggest that the stock is neither overbought nor oversold, and the MACD is not indicating a strong momentum that would propel the stock to a high point.

2. Fibonacci Retracement: The 0.382 Fibonacci Retracement over the past year was $1.74, and the 0.618 Fibonacci Retracement was $2.49. These levels are significant in the context of Fibonacci analysis, but they are not currently close to the price level of $5.40.

3. Investor Sentiment: The sentiment among investors is very negative, with about 70% of the investor base looking to short the stock. This sentiment is likely to weigh on the stock's price movement.
4. Recent Performance: Nikola's stock has experienced significant volatility, with a 25% increase on October 2, 2024, following the announcement of record sales. However, this increase does not suggest a strong enough momentum to reach the $5.40 level.
5. Market Conditions: The overall market conditions, including the broader economic environment and sector-specific factors, would also need to be highly favorable for Nikola's stock to reach such a high point.

In conclusion, while a slight increase in the stock price is possible, reaching the $5.40 level seems unlikely based on the current technical indicators, investor sentiment, and recent performance.