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Benzinga
Benzinga
Business
Mark Putrino

BZ Chart of the Day: This Model Says 'Buy NIO'

Traders like models. And this one says that it’s time to buy NIO Inc. (NYSE:NIO).

Trading models take the guesswork out of the decision-making process. This prevents traders from making emotional decisions that lead to losses.

The bottom part of the following chart is the Relative Strength Index (RSI). It is a popular indicator that is used to measure momentum.

When the index exceeds 70, it indicates overbought conditions. This will draw sellers into the market and they could drive the price lower. This happened in January and again in June.

If the index is below 30, it shows oversold conditions. This could bring buyers into the market and they could push the price higher. This occurred in March and May.

Oversold conditions just pushed the RSI back below 30. This could be the beginning of a new uptrend.

To learn more about reading charts and trading models check out the new Benzinga Trading School.

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