$NIO - Bullish Dragon / Double bottom
Real nice example of a bullish dragon setup here on NIO with the first higher low in a while here.
A return to the top of the local range from here would confirm the double bottom. Typically youd expect to see a partial decline to come in from there before an attempt to break higher. If the top of the range is tested a second time, itd confirm the partial decline, and statistically favor a break out.
The measured move should take you you up to about 9 or 10 but the real trade here could take you above the dragon into the common retracement zone a degree higher, 11, 15, 20.
Im not a fan of the company at all, but if theres an opportunity to make money here, the market will surely delivery you a story to support funds taking interest and rallying it with some of the other EV's like TSLA and RIVN.
A return to the top of the local range from here would confirm the double bottom. Typically youd expect to see a partial decline to come in from there before an attempt to break higher. If the top of the range is tested a second time, itd confirm the partial decline, and statistically favor a break out.
The measured move should take you you up to about 9 or 10 but the real trade here could take you above the dragon into the common retracement zone a degree higher, 11, 15, 20.
Im not a fan of the company at all, but if theres an opportunity to make money here, the market will surely delivery you a story to support funds taking interest and rallying it with some of the other EV's like TSLA and RIVN.
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