How to trade ranges? 🤓
Even with a lot of people (including me) not that happy with NIO because it was too overbought, technical analysis never fails!
NIO did break the 42.34, the consolidation we talked about in my last analysis, and it hit the technical target. When you see a breakout, especially if the stock opens below the resistance, and closes above it, you just replicate the size of the range. In this case, the range was of $ 1.45, so you sum it to the 42.34, and set a target at 43.79.
But since the 4h chart still looks weird, personally, I rather wait for a pullback, or at least a good and easy trade. Right now, NIO seems too complex, and I see better stuff around.
If it hits the 20ma again, I’ll be much happier 😊.
If you liked this trading idea, remember to click on the “Follow” button to get more trading ideas like this, and if you agree with me, click on the “Agree” button 😉.
See you soon,
Melissa.
NIO did break the 42.34, the consolidation we talked about in my last analysis, and it hit the technical target. When you see a breakout, especially if the stock opens below the resistance, and closes above it, you just replicate the size of the range. In this case, the range was of $ 1.45, so you sum it to the 42.34, and set a target at 43.79.
But since the 4h chart still looks weird, personally, I rather wait for a pullback, or at least a good and easy trade. Right now, NIO seems too complex, and I see better stuff around.
If it hits the 20ma again, I’ll be much happier 😊.
If you liked this trading idea, remember to click on the “Follow” button to get more trading ideas like this, and if you agree with me, click on the “Agree” button 😉.
See you soon,
Melissa.
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