Nio was one of the top stocks in 2020, making even Tesla look like a savings bond. It’s pulled back hard and is now stabilizing with earnings around the corner.

The biggest pattern is the 200-day moving average. Interestingly, TSLA bounced at this exact same line almost exactly one year ago.

Next is the tightening triangle, with a series of lower highs and higher lows. The 21-day exponential moving average has marked the top of that range. But NIO’s closed above it for the last two days…

For more, please click here to view the related idea and chart analysis on TradingView.

Nio (NIO), daily chart, with key patterns, courtesy of TradingView.

#1 Trading Platform Technology - 8  years running!

Previous articleYou Can Prepare for Earnings Season With These Powerful Tools on TradeStation

David Russell is VP of Market Intelligence at TradeStation Group. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial.
Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

Credit: Source link

Leave a comment

1 × two =