Reasons to be bearish on Nio stock PRICE (the Company is good)
Bearish pennant formation - symmetric triangles on downtrends are bearish generally
Other China EV's in down trend after tremendous hype
TSLA probably topped.
End of year profit taking
Profit taking to partake in Hyped IPOs such as DASH and Airbnb
Target according to pennant - 29.50 Dollars, at the 0.5 Fib
Bearish pennant formation - symmetric triangles on downtrends are bearish generally
Other China EV's in down trend after tremendous hype
TSLA probably topped.
End of year profit taking
Profit taking to partake in Hyped IPOs such as DASH and Airbnb
Target according to pennant - 29.50 Dollars, at the 0.5 Fib
Comment:
Well, Nio just announced a 69 mill share dilution capital raise, The triangle downside play is more likely than before to play out now.
Comment:
TA update : The 4 Hour 20 SMA and 50 SMA has given us a death cross - adding more probability to the short side. It would be hilarious if it pops upwards as it would be a very uncommon case when so many indicators are pointing downwards.