Monday, April 19, 2021 4:09 PM EST
Shares of NIO Inc (NIO) are flat today but down sharply from the recent highs. The stock is trading just above $36.00/share, down from over $65.00/share. Based on the technical chart setup, there is a bearish wedge formation that signals further downside in the coming weeks. Ultimately, the technical analysis shows major support at a price point of $21.75. This level sets up beautifully as a swing trade and possible longer-term investment level. The bear wedge breakdown to this target will occur as soon as a daily closing low below $35.50 occurs. This will trigger the bigger move down to the $21.75 ultimately technical target.
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
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Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
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