Trade of the Day – NIO Inc. (NYSE: NIO) September 4, 2023 159

Trade of the Day


(Current Price: US$11.00) – TECHNICAL BUY

Buy price: US$11.00     Stop loss: US$9.50   

Take profit 1: US$14.00    Take profit 2: US$15.30




The price has pulled back from the downtrend channel resistance and found support upon the confluence of retests at a downtrend resistance line breakout and the US$10.60 level, which was a prior horizontal resistance level.

Should the price rebound, it could retest the first resistance level at US$14.00, which is confluent with a retest of a horizontal support level breakdown in August as well as a previous swing high horizontal resistance level formed in December last year. It could then head to the next resistance level at US$15.30, a possible retest of the downtrend channel resistance.

Expected timeline of the trade is 4-12 weeks from the date of report issuance.

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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