Greetings.
NIO indicates that it needs more time to develop solid structure prior to a bullish breakout, so I've extended the timeline. When price breaks above resistance at $16.44, the target of $24 is in play. Until then, I expect NIO to fill the space between the blue trend line (acting as support), and the red line (acting as resistance). If NIO breaks support, then expect a longer period of price consolidation. The ascending triangle pattern still indicates bullish structure.
Happy Trading!
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Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.
NIO indicates that it needs more time to develop solid structure prior to a bullish breakout, so I've extended the timeline. When price breaks above resistance at $16.44, the target of $24 is in play. Until then, I expect NIO to fill the space between the blue trend line (acting as support), and the red line (acting as resistance). If NIO breaks support, then expect a longer period of price consolidation. The ascending triangle pattern still indicates bullish structure.
Happy Trading!
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Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.
Trade active:
BTO: 9/18 NIO $15 C
Comment:
NIO Breakout! New ATH. If NIO closes the day above the old resistance, the new target is $24.
Trade closed manually:
STC: 9/18 NIO $15 C
