Shares of NIO Inc (NIO) are selling today after the company reported earnings. The earnings were solid, but did not beat expectations by enough to justify the 1,100% run from the lows of 2020 to the recent high at $5400. The NIO stock chart analysis is even more damning. There is a classic head and shoulder pattern setup. If/when the neck-line of the head and shoulder pattern breaks, the calculated target is $30.00 per share. This tells investors to either be short in this range or wait patiently to buy. The Nio stock chart analysis signals major distribution as big institutions sell into the small investor hype of another electric car company. Again, the key to the $30.00 target being achieved is a break of the neck-line of the head and shoulder formation. At this point, the neck-line is at approximately $42.00.
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