NIO setup looking great - Swing Play
Been loading small lots on NIO @ $2.5 range and averaged up again with the positive news about their deliveries. Still not a favorite of mine but with TSLA coming up short in their ER call & Continued news on the China trade deal front (small but nonetheless small catalysts) I believe NIO shows a great risk reward opportunity over the next few months.
On the chart I plotted on, shows the 20EMA is about to cross the 200EMA all while our MACD is confirming a bullish movement. Volume will begin to cycle again and hoping TSLA brings some renewed investors too NIO - just a hope but the EV market isn't going anywhere and with NIO being well off it's 52wk high, I see this moving up over the next few weeks.
Hoping we can first see that $4.00 become new found support and once we breakthrough $5.85 we will move quickly back up to ATH. I am sure this won't be a smooth ride back to ATH and for this swing play I'm looking at exit around $5.65 but deepening on what happens, this swing could become more of an investment with a longer term mindset - that's the beauty of investing!
On the chart I plotted on, shows the 20EMA is about to cross the 200EMA all while our MACD is confirming a bullish movement. Volume will begin to cycle again and hoping TSLA brings some renewed investors too NIO - just a hope but the EV market isn't going anywhere and with NIO being well off it's 52wk high, I see this moving up over the next few weeks.
Hoping we can first see that $4.00 become new found support and once we breakthrough $5.85 we will move quickly back up to ATH. I am sure this won't be a smooth ride back to ATH and for this swing play I'm looking at exit around $5.65 but deepening on what happens, this swing could become more of an investment with a longer term mindset - that's the beauty of investing!
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