$NIO Inc.(NIO)$ $NIO-SW(09866)$ If you are starting a position, you can risk off $4.08 as the price has created in inverted H/S on the weekly and is now going on 6 weeks holding above this zone....
If NIO based at the current zone mentioned above, it would first have to digest all the supply from $6.63-$8.46. If was able to clear through that area, then it would signal that the buyers are truly in charge.
Zooming out even further, the price would have to break out through the orange descending supply channel + the purple Fibonacci supply zone to really clear its way through the initial round of sellers, then a rally could begin.
Finally, if you wanted to size in as this "proves" it's way, you could divide your order into three parts. Fill the first part now, then once it closes above $6.63 fill the next part, and then slam the final part once it closes above $8.46.
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