NIO Stock Long

This idea is posted with sole intention of education and is NOT financial advice*

It has been awhile since I've posted an idea but with the surge in NIO share price we've since experienced a pullback. Using Wyckoff analysis shows a distribution phase which has lasted close to two months. Of things to note include the conspicuous absence of a test and LS phase. Nevertheless the broader context (significant correction from price ~ 65) identifies this as broad accumulation phase.

Finally, it is most important to consider the entry price. To this effect, a bounce of 20 Day moving average is showing confluence with the previous resistance zone suggests a natural assymetric R/R entry here.