Nio (NIO) showing bullish momentum after size put sales
Nio (NIO) steadily climbing the last three weeks and today pushing up above YTD VPOC and its falling 55-day moving average with room back to $42 near-term. On the weekly NIO put in a low at support from the March and May lows and weekly MACD nearing a bull cross and RSI nearing a push back above the 50 level. NIO has plenty of overhead resistance with above $45.75 key to breaking above VWAP off its highs and all the key moving averages. NIO flows inflected more bullish since mid-September including 19,500 May $30 puts sold to open, 10,000 September $30 puts sold to open, a seller of 2800 May $35 puts to open and 10,000 February $35 puts sold to open. Call buying has been more absent outside of a buyer of 1200 January 2024 $25 calls on 9/21 for $2M.