NIO seems to be looking at a potential breakout in the next several days. Assumption is based on it's historic trends.
NIO has been trending upwards while respecting the support trendline. It has also seemingly been trending upwards in a staircase pattern. Since the current support and resistance trendlines are narrowing down, I am expecting a breakout.
DISCLAIMER** - not an economist here, nor a professional trader. Just sharing my perspective - this is by no means a financial advice, and therefore should not be treated as one.
Nice call. U nailed it. My avg cost basis is 6 so I was lucky to get in early. But I did by more at 18.50 as a short term trade. Today was day one of breakout with big volume. I’m looking at a target price of 22-23 to exit that position.
Analyst expect Q3 & Q4 deliveries to exceeds expectations.
asigristch
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I assume delivery numbers will be a catalyst
Adamie
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@asigristch, Sure could be. We will know soon enough
Stalkingstock1989
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@Adamie, Great call. Do you think there will be a pull back here?
Adamie
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@Stalkingstock1989, Thanks. I would say it depends. If NIO closes at $21.05 or above today, then I would put my chips on it running more tomorrow, until it pulls back. If it doesn't break the 21.05 barrier, then we might see a pull back and I would consider this run as a warmup before the real deal.
Stalkingstock1989
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@Adamie, Does AF count when charting? it hit 20.11 in AF but not before
Adamie
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@Stalkingstock1989, I'm really no expert here, so what I'm about to say may be considered controversial by many - I don't consider AH here. Reason being, so many platforms don't allow for trading during AH. I know that it's mostly the institutions that drive the market and a retail investor usually does not influence the sp that much. However, NIO is still considerably niche, with it (I believe) not being the prime target for institutional investing. For that reason, I don't count AH in here, since so many are incapable of trading AH. Second thing, NIO closed at below 21 on the bell, so during the trading session we did not cross it. That's just my few cents, but then I might be really wrong here - I guess we will know very soon.
Stalkingstock1989
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@Adamie, Thank You. How do you feel about the market today?