Greetings All,
NIO will breakout from this symmetrical triangle pattern very soon, either to the upside or downside. Based on the volume and recent price action, I anticipate a move to the upside to test horizontal resistance at $45, and then $50 prior to the May options expiration. NIO formed a triple bottom on 05, 25, and 29 March 2021, all which were market bottoms. NIO has 200 MA support at $36 as shown here:
I'm targeting resistance at $45 and then $50. However, if NIO breaks to the downside, I'm targeting the gap at $24 (shown in the yellow channel). This chart is 2D (two days).
Happy Trading!
Disclaimer. My ideas are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Exercise your own due diligence.
NIO will breakout from this symmetrical triangle pattern very soon, either to the upside or downside. Based on the volume and recent price action, I anticipate a move to the upside to test horizontal resistance at $45, and then $50 prior to the May options expiration. NIO formed a triple bottom on 05, 25, and 29 March 2021, all which were market bottoms. NIO has 200 MA support at $36 as shown here:
I'm targeting resistance at $45 and then $50. However, if NIO breaks to the downside, I'm targeting the gap at $24 (shown in the yellow channel). This chart is 2D (two days).
Happy Trading!
Disclaimer. My ideas are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Exercise your own due diligence.