NIO recently broke out from a fall wedge and it appears to be heading back to challenge the IPO low of 5.35. If it can move back into the IPO range, the next potential target could be near the 6.49 level. If this attempt fails, then it needs to hold the 4.00 support level in order to maintain its current momentum change.
23% retraction from the current high lies right here at 4.64. In very bullish setup it is possible that Stock or Index doesn't break 23% retraction range. 23% extension is right here at 4.64. and it's been surviving this for last two days. If it doesn't break this then between 8.49 and 13.08 is next.
smtraderCA
⋅
@manandoctor, so far it is giving a good fight to hold on. I've posted a video on my YouTube channel last night showing some of the short term resistance and support levels for NIO. Here's the link youtu.be/h3YXw4g2uEo
Chazza2110
⋅
@manandoctor You are spot on. I like the ways it’s consolidating and bouncing up and around the $4.64 mark. I really hope you are right about the 8.49 and 13.08. There is no reason for not getting there. China is quite a populated and polluted country , I am sure they need a lot more electric cars on the road 😉
Khiladi007
⋅
@Willtrade36, So it broke that shallow support due to extreme market conditions. I believe Virus scare can not be a factor that is responsible for market correction so believe this is a healthy pullback. 38% retrace was 3.80 though so I believe it survived that so far. Let's see market and NIO can continue its bullish path.