NIO Inc.Long
$NIO - Bullish Dragon / Double bottom
Real nice example of a bullish dragon setup here on NIO with the first higher low in a while here.
A return to the top of the local range from here would confirm the double bottom. Typically youd expect to see a partial decline to come in from there before an attempt to break higher. If the top of the range is tested a second time, itd confirm the partial decline, and statistically favor a break out.
The measured move should take you you up to about 9 or 10 but the real trade here could take you above the dragon into the common retracement zone a degree higher, 11, 15, 20.
Im not a fan of the company at all, but if theres an opportunity to make money here, the market will surely delivery you a story to support funds taking interest and rallying it with some of the other EV's like TSLA and RIVN.
A return to the top of the local range from here would confirm the double bottom. Typically youd expect to see a partial decline to come in from there before an attempt to break higher. If the top of the range is tested a second time, itd confirm the partial decline, and statistically favor a break out.
The measured move should take you you up to about 9 or 10 but the real trade here could take you above the dragon into the common retracement zone a degree higher, 11, 15, 20.
Im not a fan of the company at all, but if theres an opportunity to make money here, the market will surely delivery you a story to support funds taking interest and rallying it with some of the other EV's like TSLA and RIVN.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.