Nio Could Be Attempting a Breakout Before Earnings
Nio was one of the top stocks in 2020, making even Tesla look like a savings bond. It’s pulled back hard and is now stabilizing with earnings around the corner.
The biggest pattern is the 200-day simple moving average (SMA). Interestingly, TSLA bounced at this exact same line almost exactly one year ago.
Next is the tightening triangle, with a series of lower highs and higher lows. The 21-day exponential moving average (EMA) has marked the top of that range. But NIO’s closed above it for the last two days (something that last happened on February 16).
Finally, notice MACD’s steady upward creep.
Given this company’s powerful uptrend, this setup may interest longer-term growth investors.
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The biggest pattern is the 200-day simple moving average (SMA). Interestingly, TSLA bounced at this exact same line almost exactly one year ago.
Next is the tightening triangle, with a series of lower highs and higher lows. The 21-day exponential moving average (EMA) has marked the top of that range. But NIO’s closed above it for the last two days (something that last happened on February 16).
Finally, notice MACD’s steady upward creep.
Given this company’s powerful uptrend, this setup may interest longer-term growth investors.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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