Description
⋅ NIO is shown on a 4H chart. It has been downtrending for 3 months. Howver, April and May
has high relative volume trying to reach the capitulation of a bottom. Thursday May 4th
marked a near term bottom. NIO is now rising and breaking out of a falling wedge drawn onto
the chart. It has crossed over the POC line of the volume profile ( This is the price level of
the highest volume of trading). Price is impending a mean anchored VWAP. Relative strength
has spiked. With this confluence of bullish signals, I have taken a long position which has
appreciated 4.6% in the first half of the trading day having opened the position in the pre-
market. I will now take a trade of call options striking $ 7.00 DTE 7/21. The rising dollar
strength has confounded TSLA's sales in China and the Nordic countries. NIO is on the ready to
pick up the slack.