NIO Max Move Upside Target

Shares of NIO Inc (NIO) are surging again as the company reported a new, stronger battery pack as well as a new sedan. The stock is trading up almost 10% on the day near $64.00 a share. NIO was a $2.50 stock in early 2020 but has caught fire with the whole EV sector. As it surges higher, investors are wondering how much more upside is left. In reality, not a whole lot considering the run. The NIO max move level is $70.00. This max move level is found by easily connecting the high pivot from July 2020 to the two pivot tops from November 2020. This trend line extends to meet NIO at $70.00. Based on the overbought signals, look for this to be a longer-term top on the stock, should it be. I will consider a short at the $70 level if it is achieved in the next few trading days.

NIO Max Move Target Revealed and can be seen in the chart below…

(Click on image to enlarge)

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