Nio was one of the top stocks in 2020, making even Tesla look like a savings bond. It’s pulled back hard and is now stabilizing with earnings around the corner.
The biggest pattern is the 200-day simple moving average (SMA). Interestingly, TSLA bounced at this exact same line almost exactly .
Next is the tightening triangle, with a series of lower highs and higher lows. The 21-day exponential moving average (EMA) has marked the top of that range. But NIO’s closed above it for the last two days (something that last happened on February 16).
Finally, notice MACD’s steady upward creep.
Given this company’s powerful uptrend, this setup may interest longer-term growth investors.
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wouldnt that be a bearish pennant flag pattrn more than a triangle?
themrchris41
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@ReedusFeleedus, Yes YOU can call it whatever you want to...but if you have SHORTs on the mind...buy TESLA shorts on e-bay...several sizes in RED for everyone...save yourself a bunch of muni!
mtowns209
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Thank you, I didn’t have time this morning to see it’s low, but I went in at market after seeing this. Not too much but thank you for this!!