NIO - Chart Analysis
A few notable things to consider before piling in:
Double bounce on 200 EMA and .5 fib level
RSI shows slight bullish divergence
Lots of resistance above
Ton of new competition with much stronger infrastructure in place (VWAGY, VOLVO, FORD, GM...you name it. Toyota will be a major player once they get their ducks in the row...)
Chinese stock
If we break 200 EMA watch out for the 2 gaps to be filled (don't think it would go below $20 though)
Might still have some steam left for a bounce to $49-52 level. Not sure I would want to hold this long term. IMO not going to be a rocket ship it once was and will have a lot of sellers looking to get out at higher levels. No active position for me. Not a fan but you dont have to listen to me. I am no longer trading short term.
Do your own due diligence. Good Luck!
Double bounce on 200 EMA and .5 fib level
RSI shows slight bullish divergence
Lots of resistance above
Ton of new competition with much stronger infrastructure in place (VWAGY, VOLVO, FORD, GM...you name it. Toyota will be a major player once they get their ducks in the row...)
Chinese stock
If we break 200 EMA watch out for the 2 gaps to be filled (don't think it would go below $20 though)
Might still have some steam left for a bounce to $49-52 level. Not sure I would want to hold this long term. IMO not going to be a rocket ship it once was and will have a lot of sellers looking to get out at higher levels. No active position for me. Not a fan but you dont have to listen to me. I am no longer trading short term.
Do your own due diligence. Good Luck!
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