Explosive trade setup on NIO Inc.(NIO)

Trader 2 Trader

Explosive trade setup on NIO Inc.(NIO)

NIO Inc.(NIO) designs, manufactures, and sells electric vehicles in the People's Republic of China, the United States, Germany, and the United Kingdom.

NIO had its IPO in September 2018. The stock was extremely hot after the IPO as it more than doubled in two days. Since then, the stock has formed healthy trading range between $5.90 and $8.35. During the last 5 months, NIO has hit support and resistance levels three times. Buying volume has always been stronger on up-days than down-days.

Today's pre-market trading indicates open above triple top of $8.35 and out of the current multi-month range on relatively strong volume. Technically, the stock doesn't have resistance up to its all-time high which is in $13 range. While gap fill to Friday's high is likely, short-term potential remains enormous even at current levels.

NIO Inc.(NIO) - Daily chart

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