A clear corrective structure on NIO INC
General Description
NIO is a Chinese automobile manufacturer headquartered in Shanghai, specializing in designing and developing electric vehicles.
NIO was founded in November 2014 by William Li, the Chairman of Bitauto and NextEV. After launch, several companies invested in NIO, including Tencent, Temasek, Baidu, Sequoia, Lenovo, and TPG.
Technical View:
-On January 8, the price broke a range between 40 and 54 with a top on 67
-After the ATH, the price started a corrective movement finding support on the broken range
-Now, we expect a breakout of the current corrective structure, and we are looking for a target at 84.00
-Our Entry level is above B, and our stop loss is Below C. We will use the First fibo Extension as a Break-Even level and the second level as the Final Target.
-IF everything goes as planned, we expect a movement between 30 to 50 days towards the Final Target.
NIO is a Chinese automobile manufacturer headquartered in Shanghai, specializing in designing and developing electric vehicles.
NIO was founded in November 2014 by William Li, the Chairman of Bitauto and NextEV. After launch, several companies invested in NIO, including Tencent, Temasek, Baidu, Sequoia, Lenovo, and TPG.
Technical View:
-On January 8, the price broke a range between 40 and 54 with a top on 67
-After the ATH, the price started a corrective movement finding support on the broken range
-Now, we expect a breakout of the current corrective structure, and we are looking for a target at 84.00
-Our Entry level is above B, and our stop loss is Below C. We will use the First fibo Extension as a Break-Even level and the second level as the Final Target.
-IF everything goes as planned, we expect a movement between 30 to 50 days towards the Final Target.
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