Let’s look at NIO. (August 24, 2020)
NIO TSLA NIO TSLA NIO
This is Scott with your Free Chart of the Day. I want to take a look at Nio ( NYSE: NIO ), this is what some people are calling the Chinese Tesla ( NASDAQ: TSLA ).
Now, Tesla ( NASDAQ: TSLA ), as I’m sure you know has been on a massive run. It took a little rest today; I ended up selling my position that I was trading. I have been trading this stock since down here and the stock has been good.
Now I am looking at Nio ( NYSE: NIO ). The reason that I am looking at Nio ( NYSE: NIO ) is because Nio ( NYSE: NIO ) has kind of a nice sideways base of consolidation.
If you are going back to Tesla ( NASDAQ: TSLA ) the biggest moves on Tesla ( NASDAQ: TSLA ) usually came after we had the same kind of setup A sideways base of consolidation, a move above on higher than average volume. So that is what I want to see here on Nio ( NYSE: NIO ). I don’t know if it is going to get to $2000.00 but wouldn’t that be something? What I want to see here on Nio ( NYSE: NIO ) is a move above 15.40 and a close above 15.40 and I want to see that move on higher than average volume.
I picked that level of resistance because it has clearly been a place where sellers are stepping in. You can that here, how it got rejected at that level. You can see how we had a little bit of price rejection there. Again, it came back in, popped up, same place. It sold off, sold off on high volume. So this could be the level that breaks and potentially makes a new high.
Zooming out here on Nio ( NYSE: NIO ) you can see we are right there, we are right at potentially all-time high status. So if that happens I think you could at least see a decent move up to, short-term target of around $20.00, which isn’t bad for a $15.00 stock and a company that I don’t even think makes money right now. Keep an eye on Nio ( NYSE: NIO ), I think you want to have an alert at 15.40.
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