NIO broke a trend line and retraced to rejection; bearish until price reaches ~$3.00.

NEO NEO reporting earnings this morning pre-market. This is a Chinese EV maker. The stock gapping lower initially, kind of mitigating, coming back up. One of the things interesting on NEO, I remember drawing this trend line in a while ago and looking at it.

Notice how price broke and then chopped, retraced to the scene of the crime and when was rejected and has gone lower. So, this is a classic trend line break where again, as I've shown you guys and taught you guys, you know, when you have a trend line and price hammers on it and finally breaks, there's a tendency to go back to that level and then the next leg down comes. And that's exactly what happened here on NEO.

In terms of a level to buy, I mean, maybe I'd start to get interested in this lower level, the $330 level, maybe down to about $3, but I'd have to re-evaluate at that point.