Nio blew it's shot to reenter my triangle and breakout to the upside on Jan 4th(check out the red arrow). I bought puts $30 puts when my $33 dollar entry alert triggered with $34 stop loss. That stop loss is now at $32. This failure will most likely send the price to retest support at $28. Personally I don't think it will hold but we'll have to wait and see what volume looks like at that level to decide whether we continue shorting or not. $27.50 might be another entry to consider with a $28.50 stop loss. If that support turns resistance I see $20 as a real possibility. Again there's some variables to consider before executing this trade but it's not looking good in the short term... Technically speaking.
NIO
NIO
Trade active:
My SL is now $30.50
Trade active:
SL is $29 My puts are in the money. I'm in profit no matter what happens it's just a matter of how much profit can I take
Trade closed: target reached:
Closed out this morning