However, it’s been rangebound since early July as it digested a lot of those gains, and now the price action is starting to resemble a .
NIO peaked around $15.30 on a big high-volume candle July 8. It’s flirted with that level a few times since, but never closed above it. Meanwhile it’s made successively higher lows, creating the potential for a breakout through resistance. On Monday, it pushed back toward that area and had its second-highest closing price of all time.
has also been squeezing in that time. was just 0.22 yesterday, its narrowest range since May 26.
In addition, there’s a level to watch. NIO’s recent consolidation has taken place around the previous highs from September 2018, shortly after its initial public offering. A basing pattern above old resistance is also potentially .
Finally, the fundamentals have been strong. NIO tried to break out after a strong report on August 11, but sellers quickly smashed it back lower. Now it’s had time to digest those gains and held its range.
Yesterday, Tesla had a potential reversal pattern and its stock split is around the corner. Will this be time for NIO to move into the fast lane?