Nio has broken the 5 month downtrend channel on high volume following good earnings. Next target is $5.65
Note
Also bullish divergence on MACD and RSI.Note
If nio breaks above the 200 exponential moving average (brown line) at $5.66, the next stop is resistance at $7.Note
Waiting for consolidation before next move. Might have to wait for Onvo release or the EU EV tariff vote at the end of September. If we break above $5.66, bottom is confirmed after 7 months of range bound price action between $5.66 - $3.55. Looking very bullish so far. Trade active
.Trade active
Looks like breakout of $5.66 has held on high volume. Next target is the 2 year long downtrend (orange line) at $7.96.
Trade active
$7.77 target reached yesterday. It is a good time to take profits but based on history, China stocks with a bull run fuelled by Government stimulus doubled in most cases. Seeing as Hang Seng Index has only went up 38%, we have 62% up movement on the index so Nio should follow it up. Should have a few months bull run left to run.
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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.