Hi,
My second analysis after a month of learning about the trade. Again, an easy pick; The Hood's favorite: NIO.
Assesment:
- NIO remains overbought at the daily and weekly level.
- A rising wegde formed midday
- Volume decreased as the wedge formed
- indecisiveness during end of day
Using an ABCD pattern and retracement lines my estimate would be a dollar drop by end of day. I put it exactly at a dollar for the sake of it.
They key would be the break of the 12.85 resistance point. We already saw a lot of volume pushing back around the 13 mark. Perhaps not a lot of strenght left there.
After that it maybe a drop below 10 as my previous post mentioned.
I have not taken into account the fundamentels as was mentioned last time. I bought at 13.50 to short so am bearish biased. :)
Look forward to hearing your input!
Hear to learn.
My second analysis after a month of learning about the trade. Again, an easy pick; The Hood's favorite: NIO.
Assesment:
- NIO remains overbought at the daily and weekly level.
- A rising wegde formed midday
- Volume decreased as the wedge formed
- indecisiveness during end of day
Using an ABCD pattern and retracement lines my estimate would be a dollar drop by end of day. I put it exactly at a dollar for the sake of it.
They key would be the break of the 12.85 resistance point. We already saw a lot of volume pushing back around the 13 mark. Perhaps not a lot of strenght left there.
After that it maybe a drop below 10 as my previous post mentioned.
I have not taken into account the fundamentels as was mentioned last time. I bought at 13.50 to short so am bearish biased. :)
Look forward to hearing your input!
Hear to learn.
Comment:
Please note the H&S shoulder pattern forming which is another indication of an imminent drop. Thanks to u/Bear11
Comment:
Just noticed the pre-market drop to 11.68. Here we GO!?