$Nio is looking to make a parabolic move similar to its counterpart, Tesla.
After a establishing a bottom base at the $1-$2 range, $Nio exploded to $5.65 and has consolidated nicely to form a new base of support at the $4 level.
If this does shape up to be a parabolic advance the current level would be the 2nd base. A move up to the $6-8 range would be the 3rd base which could be followed by a near doubling in price. This move would happen rather quickly. My aggressive targets are above. I have made entries at the $4 level with stops below the consolidation lows. This would make for a nice R/R
After a establishing a bottom base at the $1-$2 range, $Nio exploded to $5.65 and has consolidated nicely to form a new base of support at the $4 level.
If this does shape up to be a parabolic advance the current level would be the 2nd base. A move up to the $6-8 range would be the 3rd base which could be followed by a near doubling in price. This move would happen rather quickly. My aggressive targets are above. I have made entries at the $4 level with stops below the consolidation lows. This would make for a nice R/R
Comment:
If you don't have a position in $neo, the volume surge and pullback this can give you an opportunity to identify your entry point and define your risk. I always use a stop loss and always recommend you do as well. Less is more :-)
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