If you were in long from yesterday and a #swingtrader then take your profits now and by back in on the old ATH price of around $22.10. If you are NOT in a position you could short for a $1.00-$1.25 SP drop, but keep your stops tight. NIO could continue higher as shown in the green arrow.
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With the stock shooting up to my purple ascending channel, the stock now needs to either correct with a drop to the $24.50 area or trade sideways, consolidate, then continue higher to $27.50
do you think its going to hit 18 dollars mark again ?
obedenatana
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What's a good Take Profit position?
WhiteHuracan
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@obedenatana, What's your trading style? Day, Swing, or Long term?
obedenatana
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@WhiteHuracan, swing, was in at 18.71 and looking to secure some profits before reentry on the next leg up before earnings
WhiteHuracan
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@obedenatana, I think here is a good place to close out - again, there is a chance you could miss out on $25.00 on the opening bell or EOD - but I think we will have a correction before the earnings come out. If I were you - I would close and buy back in on the dip. I will update the new lines of resistance and any patterns I see and post it on twitter @bdesmot
obedenatana
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@WhiteHuracan, Thank you! i'll close in portions to start securing profits before the sell off. I,m aiming to begin closing at open when it maybe hits a new high possibly 24.5. What do you think?
WhiteHuracan
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@obedenatana, $24.40 is the next major trendline - if you can sell there - I would
obedenatana
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@WhiteHuracan, Just sold! Nice run today!! What do you think a possible reentry level would be before the next leg up?
obedenatana
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@WhiteHuracan, Hey, also, I was planning to short sell NIO from the 26 area top, with the thesis that it will retest the bottom support level of around 22. What do you think about this?
WhiteHuracan
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@obedenatana, Momentum has been slowing down since it hit the $26.50 area - I don't think a target of .22 is realistic. Around $24.22 is a safer bet - watch the volume though, it's very volatile right now.