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
Happy Trading!
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!