NIO - Building Phase1 base
Updated
Needs to breakout of the range at 10 and hold 9.50 again for push to 14 and perhaps 21.
Volume profile looks constructive for continuation. Real action will be above 10.
Disclosure: I am long from 8.0 on a half position. Will wait for breakout above 10 for full position
Volume profile looks constructive for continuation. Real action will be above 10.
Disclosure: I am long from 8.0 on a half position. Will wait for breakout above 10 for full position
Trade active
Trade seemed to work until the overall market sentiment dragged this down. Still finding support in the key zone, but is running out of time to be seen as a reversal pattern. Has to cross and stay about 8.90 now for higher price. There's another path where it drops again to 7.3 and bounces, but I don't like that route and will stay on the sideline below 8.50Trade closed: stop reached
Chinese names continue to chop and fade. Oversold levels could draw buyers at these levels, but I am not interested anymore. Will revisit when price acts better.
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.