$NIO has formed a bullish pennant which should breakout this week. Target on pennant breakout is $24-$26.
BTO $NIO 10/9 $22c avg $.55
BTO $NIO 10/9 $22c avg $.55
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Price retested previous all time highs and bounced off down. Have to expect a retest to at least reject once, although nice pullback. I cut my weeklies during first hour of trade, still holding next week calls.
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This finally played out. Hit above targets. Closed $21.50c avg $1 at $5 +400% and rolled up to $26 then to $28. Currently am holding some $28s & $30s but it's a small % of profits.
I believe this is called a busted pennant curl or reversal which is a strong reversal of a breakdown after a bullish consolidation formation. When this happens it is possible that the previous breakout momentum is regained if the previous consolidation zone is retaken - if this occurs then the breakout can be even more powerful than before.
I added more $22c on gap fill yesterday and also $21.50c for 10/16 avg $1