NIOdless To Say | Investing.com


Five months ago, I introduced Nio (NYSE:) to Slope as a long idea. Since then, it has appreciated about 800%. As the intraday chart below shows, this thing is an absolute bottle rocket.

NIO Intraday

NIO Intraday

Of course, every teenager with a trading account has been going ape over it, and if you wander over to WSB, almost every single meme is about NIO, which has definitely pushed aside Tesla (NASDAQ:) and Musk as the obsession ofWSB.

I took this as a signal of the end, so I shorted the hell out of it (virtually speaking) here on Slope.

The daily chart shows what a fantastic inverted head and shoulders the chart was back when I suggested it. This, like , is one of those financial instruments which Goes Up Until It Doesn’t Anymore.

NIO Daily

NIO Daily

As an aside, the bloom is definitely off the Tesla rose. If this triangle breaks, bye-bye to price stability.

Tesla Daily

Tesla Daily

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here