NIO Rising Wedge, 1 last Bull Play before Reversal
NIOToday's Date 11/28/20- 7:19am
Sure, let's apply basic technical analysis to a meme stock, why not.
NIO went nuts due to the EV stock gold rush. Missed an absolutely awesome run up. So the question a lot of us rookies/late people ask is- is there room to grow before it breaks?
Linework:
-Fib drawn 0-1 at Nov 10 to Nov 13.
-Rising Wedge trend lines drawn.
NIO has a strong bottom TL, it has supported price and caused reversal ~7 times. The two clear reversal tops could arguably form a top TL, resulting in a rising wedge shape. The reversal would come where TLs squeeze around early Dec.
ALSO, when drawing the fib on the Nov 13 high, the Nov 24 high becomes the 1272 FIB. interesting. Fib 1 has caused recent reversals between Nov 24 and Nov 27.
PLAN: Let NIO drop from Fib 1 line to the bottom TL. Set a buy there, Ride up past Fib1 for the last run of NIO, sell, then get out before a potential drop.
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.