Trade of the Day
NIO Inc. (NYSE: NIO)
(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.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!Featuring regular TA posts and requests to analyse specific stocks