NIU could be sub-$4 by March (23% decline)

NIU has bounced up from its low of $2.57 in October.

BUT in early December, it tried to break $6 and failed.
Then we had a couple weeks of consolidation.
So far this year, we've tried to break above the previous 2-week candle, but it has failed so far.

I venture that by the end of January, we'll breach the previous 2W candle's low ($4.62) AND continue downward.

I have to reason to target $4 exactly; in fact I'm kind of expecting it to breach last year's low ($2.57) in the next six months.

Trade active:

I own a single Feb17’22 7.5p contract on this. Breakeven is $5.

Trade closed manually:

I took some heat on this trade but held, and sold the option on February 10.

Sold at: 3.10
Cost Basis: 2.55

21% gain after commissions

Comment:

It DID go as low as 3.85 this week.