This kind of setup is where I like to watch the CMF indicator.
NIO
is at a long-term high, but has been consolidating for over a week, and CMF is in neutral territory. There's downward pressure from negative news in WKHS and NKLA that can spill over into NIO, so there is a shorting opportunity. But I'm more interested in watching if there's a breakout above the highs, and if I see CMF go higher, there's a good long opportunity. A stop somewhere around the POC in the low-to-mid 21s manages risk nicely.
NIO
is at a long-term high, but has been consolidating for over a week, and CMF is in neutral territory. There's downward pressure from negative news in WKHS and NKLA that can spill over into NIO, so there is a shorting opportunity. But I'm more interested in watching if there's a breakout above the highs, and if I see CMF go higher, there's a good long opportunity. A stop somewhere around the POC in the low-to-mid 21s manages risk nicely.