NIO Inc.
Panjang

NIO broke to the upside. Bullish. Target $70

729
Greetings All,

NIO broke the descending triangle (intrinsically bearish), to the upside, which I interpret as a bullish breakout. The chart also shows that NIO encountered a market bottom on 8 March around $32. NIO has also respected the long-term trend support with support around $34. NIO also closed above the 20MA and will test the 50MA as resistance. As you can see, NIO has a lovely channel range, with several targets approaching $70. I'm once again bullish on NIO.

My Strategy
  • I'm LONG the 21 Jan 2022 $10C
  • I plan to sell shorter expiration OTM weekly call options to collect enough premium to cover my basis for the $10C, while the $10C appreciates


Happy Trading!

Penafian

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