General Motors Company (GM) stock gained nearly 8% Tuesday after the traditional carmaker announced that it had entered a 澳洲幸运5官方开奖结果体彩网:strategic alliance with Nikola Corporation (NKLA) 🎀to engineer and build the electric-vehicle startup's highly anticipated Badger pickup ꦑtruck. As part of the deal, GM will receive an 11% stake in Nikola.

The agreement also sees Nikola remaining responsible for Badger sales and marketing, as well as keeping the Nikola Badger brand. The Badger will be unveiled in December, with production slated to commence in the second half of 2022, . The partnership flags GM's commitment to an electric future, allowing it to compete on a more even footing with established players in the market like Tesla, Inc. (TSLA), which sells more electric vehicles than any o༺ther automaker.

Below, we take a closer look at GM and Nikola stock, turning to the charts to identify key trading levels.

General Motors Company (GM)

With a market value nearing $50 billion, General Motors designs, assembles, and sells cars, trucks, and auto parts globally. The Detroit-based automaker posted a second quarter loss of 50 cents per share, much narrower than the $1.72 hit analysts had expected. However, the metric declined substantially from the $1.64 profit reported in the June 2019 quarter, driven by lower demand and sales during the pandemic. Wall Street has a 12-month consensus 澳洲幸运5官方开奖结果体彩网:price target on GM stock at $39.2♐5, representing a 21% premium to Tuesday's $32.39 close. As of Sept. 9, 2020, General Motors shares are 🧔trading 10.49% lower year to date but have recovered around 6% over the past three months.

The stock broke above the upper 澳洲幸运5官方开奖结果体彩网:trendline of a three-month ascending triangle on huge trading volume after news of the alliance surfaced. Moreover, the 50-day 澳洲幸运5官方开奖结果体彩网:simple moving average (SMA) looks posed to cross back up through the 200-day SMA to generate a "澳洲幸运5官方开奖结果体彩网:golden cross" buy signal. Those who buy at current levels should consider booking profits around $39.50, where the shares may find selling pressure near the 52-week high. Protect capital with a 澳洲幸运5官方开奖结果体彩网:stop-loss order placed under this month's low at $29.13.

Nikola Corporation (NKLA)

Nikola designs and manufactures battery-electric and hydrogen-electric trucks, along with associated components and infrastructure. The company disclosed a second quarter loss of 16 cents per share, two cents per share more than the Street had forecast. Revenues of $36,000 came from installations that don't relate to the company's primary operations. Analysts have a 12-month price target on the shares pegged at $55, offering almost 10% upside potential from Tuesday's close of $50.05. Since 澳洲幸运5官方开奖结果体彩网:going public on thꦕe Na🐠sdaq in early June, Nikola stock is up 48% thanks to yesterday's steep 40% jump as of Sept. 9, 2020.

Nikola's stock price rose from just above $10 to nearly $100 between April and early June before plunging almost 70% as traders booked profits. More recently, news of the GM partnership propelled the stock above a three-month 澳洲幸运5官方开奖结果体彩网:downtrend line that may get the price back in top gear. Tuesday's gap higher was accompanied by record trading volume, adding conviction to the move. Buyers who anticipate follow-through buying should think about setting a 澳洲幸运5官方开奖结果体彩网:take-profit order near crucial overhead resistance at $75 while 澳洲幸运5官方开奖结果体彩网:cutting losses if the shares fai𒀰l 🅘to hold above intermediate support at $40.

Disclosure: The author held no positions in the aforementioned securities at the time of publication.