Thursday, December 8, 2022

NIOdless To Say |


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

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