Looks like Nio is forming a large symmetrical triangle. I'm guessing we move up to at least $45 from here. If we reject the trendline, then we will continue making the symmetrical triangle. Watch for an increase in volume to confirm a breakout. Price target of the symmetrical triangle: Low of the triangle is roughly $16. The height of the triangle is $67. So $67 - $16 is $51. The potential breakout point would be around $45. So $51 plus $45 is $96.
Comment:
Stock is dropping for no reason really. Entire EV and growth is down today. The uptrend is still intact so trade is still open. Sold 10, $39.5 puts, for Sep 6th. I also have 800 shares.