Nio Wedge Breakout
Updated
Nio broke out of a descending wedge pattern this past week. The daily MACD histogram has swung back to positive, and has some room to get to a zero line reset or potentially start a larger upside move.
The initial measured target of the wedge breakout would be in the ~ 7.4-7.5 range, which represents a ~ 2.7:1 RR at Fridays close.
The initial measured target of the wedge breakout would be in the ~ 7.4-7.5 range, which represents a ~ 2.7:1 RR at Fridays close.
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NIO saw a pullback to the .618 early in the week, followed by making a higher high. Price met lower interval daily MA resistance on Friday and spent the day consolidating.Looking for price to break over daily MA resistance and continue up to the measured move target in the mid 7 range.
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