NIO Inc. Sponsored ADR Class A
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NIO bullish breakout on high volume

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Nio has broken the 5 month downtrend channel on high volume following good earnings. Next target is $5.65
Nota
Also bullish divergence on MACD and RSI.
Nota
If nio breaks above the 200 exponential moving average (brown line) at $5.66, the next stop is resistance at $7.
Nota
Waiting for consolidation before next move. Might have to wait for Onvo release or the EU EV tariff vote at the end of September. If we break above $5.66, bottom is confirmed after 7 months of range bound price action between $5.66 - $3.55. Looking very bullish so far.
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Dagangan aktif
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Looks like breakout of $5.66 has held on high volume. Next target is the 2 year long downtrend (orange line) at $7.96.
Dagangan aktif
$7.77 target reached yesterday. It is a good time to take profits but based on history, China stocks with a bull run fuelled by Government stimulus doubled in most cases. Seeing as Hang Seng Index has only went up 38%, we have 62% up movement on the index so Nio should follow it up. Should have a few months bull run left to run.

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