NIO Inc (US: NIO) Strong upside is set to continue after the stock has repeated broken out of the larger pennant and the smaller flag previously. As such, the stock is set to potentially breaking new high based on the technical presented:
- All 5 components of the Ichimoku are pointing towards a strong bullish trend.
- There is a repeated periods of the Kihon-Suchi number knows as the Taitou-Suchi numbers. If we potentially plot it forward, the result will be that there will be another new high 33 periods later, as indicated by the Senkou-Span A as well.
- Chikou-Span imulse upside is strong and the distance away from the current price level is far away to indicate that the upside remain positively strong.
- Price action suggest that the bullish flag has been broken up with the morning star formation closing above 38.2% retracement level of the recent swing high and the Tenkan-Sen Hane-point.
*Timeline of the trade is 3 weeks from the date issued.
CHART LEGENDS
Ichimoku Kinko Hyo
Red dotted line = 9 Periods Tenkan-Sen
Blue dotted line = 26 periods Kijun-Sen
Purple Line A= 26 periods Senkou Span A
Purple Line B = 52 periods Senkou Span B
plotted 26 periods ahead
Green line = 26 periods Chikou Span. Lagging line
