NIO to $107NIO is up for another strong Q4 in terms of price action. Q4 2020 was pretty sweet for NIO investors as price rose from around $20 to the high 60's. NIO has been forming a triangle pattern since the beggining of 2021 and is about to break it within the next 1-2 months, likely continuing the trend to the upside. Also, price perfectly respects fibonacci levels, with the bottom being $1.19 in March 2020 and the top being $67 in January 2021. I think we can expect price to reach the 1.618 fib level of around $107 sometime in Q1/Q2 2022.
Still it is important to consider the current uncertainty in chinese stocks. But with the EV space blossoming and TSLA leading the way with positive price action, my medium term price target for NIO is in the low 100's
Thanks for reading.
Not financial advice, dyor.