Stocks

$NIO Failed Breakout turned into a Disaster

This is why you follow rules and pay attention to price. When things don’t act the way they should you just get out of the way and move on. NIO is a luxury electric car company (and service) that I had my eyes on. It was a new IPO as you can see above and broke up out of the initial IPO range. I liked it here.

Then…kaboom. News and earning cause it to rapidly give these levels back and create an ISLAND of bagholders above the range. I got out of the way here but I believe many have rode this all the way down. This is out of play for now besides a bounce opportunity. I was really hoping for more from this guy but you can’t have them all, and like I said it was better to get out if the way at 8.00+ instead of 3.00…

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