$NIO prepping for a move
Updated
NIO just reported great earnings - EPS beat , REV beat, REV growth beat, and Deliveries beat , vs. Analyst estimates.
Q3 outlook also looks good.
Technically looking at the weekly chart, NIO appears to be respecting the 50MA as support and decreasing volume implies a larger move imminent to push out of the "wedge" or flag formation. Given the fundamentals I'm long the 8/20 45c and 9/17 50c here. Assuming this is the Wyckoff Phase D : Back up and last point of support, I am expecting Phase E and a breakout next week.
Break of $41 invalidates idea and could suggest a move to $34
Q3 outlook also looks good.
Technically looking at the weekly chart, NIO appears to be respecting the 50MA as support and decreasing volume implies a larger move imminent to push out of the "wedge" or flag formation. Given the fundamentals I'm long the 8/20 45c and 9/17 50c here. Assuming this is the Wyckoff Phase D : Back up and last point of support, I am expecting Phase E and a breakout next week.
Break of $41 invalidates idea and could suggest a move to $34
Note
added here, seeing bullish CMF divergence. Low volume. Next week need to see reversal or trade is invalidated.
Note
Trade invalidated , closed for a loss
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