After a massive run in shares of Chinese electric car maker NIO Inc (NIO), investors are asking where to buy it again. The stock ripped from $1.20 to $4.90 between October 2019 and December 2019. After hitting $4.90, NIO is pulling back solidly. This is what you want to see as an investor or swing trader. Essentially, investors interested in buying want profit taking and digestion of the massive move. The question is, where does the chart say to buy it again. The answer is $2.70. This will represent a retrace to the ‘scene of the crime’ breakout on the stock. This is the point where NIO Inc busted through a major gap fill and surged nearly 100% in a day. At $2.70, NIO Inc represents a strong buying opportunity for the next bigger move up above $5.00. Stock investors and traders looking to profit will accumulate starting here.
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