NIO has been destroyed by the bears over the last few months. I believe it is time for a short term price rally for the NIO bulls. The CCI has given me a signal to enter the first half of my long position at the current price. Once we see a sign of buying we will scale in the second half on the first pullback in anticipation of further upside. Our first price target is $4.00 which is roughly 50% from the current price levels. Identify your stop-loss according to your risk tolerance and do not hesitate to sell if that level is breached.
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Buyers have stepped in and managed to temporarily push the price up 10%. On the 15 min chart we have completed a bull-cross and have started pulling back. I will now enter the second portion of my position on this pullback in anticipation of further upside.
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Current price is $2.53.
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Bulls have followed through as anticipated. Bringing the price up to $2.82 at the time of this posting. Our trade is now in a profitable zone. Stop-losses may be placed near break-even as a healthy short term pullback is possible.
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My first target at $3 has been hit. I have shaved 25% of my long position at this level. The next target is $3.5.
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Price has broken through the previous peak at $3.00. This move greatly increases the probability that we will reach $3.5-$4.
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My second target at $3.50 has been hit for a +35% gain. I have locked in some profit on this trade and will add back in after the next consolidation move.
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All long positions after $4 target was hit. Currently awaiting a healthy pullback before re-entering.
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Entries here are riskier as we have seen a 60% move without any real pullback or consolidations on the 4hr chart.