NIO Long Opportunity w/ 60% Profit Potential (Swing Trade)
Nio is once again giving us an opportunity to make some money on the long side. The CCI is signaling a buy on the daily chart. This trade setup is a very simple one. Our stop-loss is a Heiken Ashi close below the previous low with our first target being roughly $2.50. If CCI turns back over into the negative range and the previous peak low is broken we will seek re-entry when CCI indicates we should. The small loss taken in that scenario will be more than covered when we catch the swing to the upside.
Entry: $1.52
Target 1: $2.50 (60%)
Entry: $1.52
Target 1: $2.50 (60%)
Comment:
Approaching target faster than anticipated. Scaling a portion of your position at current levels is recommended at this point in time. Nio's price has moved almost 50% in just two days of trading.
Comment:
Price spiked to $2.45 during the trading session on Nov. 6th. Close enough to the target to consider being hit. We will now see if the price has the legs to continue upwards after a consolidation period.