NIO Daily Breakout

NIO is reaching new all time highs. It's possible (at this moment in time) that this is a fake out. However, ichimoku lagging indicator (white line) is bullish, the crossover (blue over red) is bullish, and there is plenty of thick clouds for support. RSI is a little high but far from correction territory. The fib retracement shows a low of about 38.2%. Indicating a fairly fast moving stock. This consolidation pattern is around $19 tall, so max target is around $76. Stop losses should be placed just below the cloud at $36.

Comment:

Positive news on new sedan over the weekend has created great momentum for this trade.