$NIO Inc.(NIO)$ NIO has been tricky to chart this year, and I’ve been burned a few times already. But since I’m not currently in a position, maybe I can look at it with a clearer mind? We saw a textbook double bottom form below $4, right when sentiment was at rock-bottom – which is exactly when NIO pulled a reversal and erased short-sellers with a 100% jump. Now, though, things could really go either way. The chart is at a crossroads: it’s been caught by the 0.618 Fibonacci level but is sitting just below both the 50-day SMA and EMA. The one thing that concerns me? The TMO indicator, which is hinting at an early reversal. The last two times this happened, we saw more downside. So, what’s the plan? I’m sitting tight for now, letting the bulls and bears hash it out before I make a move!
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