NIO (NYSE): Bump & Run Macro Technical
Nio is playing out a bump & run pattern on the macro charts with a price target of about $4. On the micro charts, Nio has just broken down out of an ascending channel and has found support around the .5 fib level just as it did in the previous small correction in the current trend it’s in. This area also contains support from the bottom trend line and the bump and run trend line on the macro charts. The central banks are also introducing 500 billion worth of liquidity into the market through out December so with the illusion of a phase 1 trade deal in the works with China, I believe this support will hold and lead to higher highs in this current trend as it plays out the bump and run pattern on the macro. I will be looking for weakness around $4 for profit taking.
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