Hello traders and investors! Let’s see how NIO is doing today!
First, it is worth noting that it is in a short-term bear trend, because we do have lower highs/lows in the 1h chart. It also defeated the purple trendline, indicating some weakness.
Now, NIO found a support around the $ 43.78 and it is bouncing back up. There’s some light in the end of this tunnel, because it looks like we have a Flag pattern. The pattern wasn’t triggered yet, but this can stop this short-term bear trend. Also, if it defeats the $ 46 again, it'll be a very good sign.
It is not the best movement ever, but it is a start. Now, the daily chart has some interesting stuff to tell us:
This short-term bear trend in the 1h chart might be just a harmless pullback in the daily chart, to its 21 ema. It is doing a good reaction today, but it still might retest the 21 ema in the next few days.
The $ 43.13 is a nice support level, as it was a previous resistance, and now the 21 ema is also quite near this price level too. This seems to be a great support level for NIO, if it corrects, and it could even give us a buy sign – if the right pattern appears.
The volume is just fine, but I would be happy if NIO does a sideways correction between the two black lines. All of this doesn’t change the main bullish bias we have in the mid-term, and the target at the $ 50.40. We already filled the gap, which some people found absolutely crazy, and maybe we’ll nail another target.
Let’s just be aware of this support level in the daily chart around $ 43.13.
If you liked this idea, remember to follow me to keep in touch with my daily updates, and please, support this idea if it helped you!
Thank you very much!
First, it is worth noting that it is in a short-term bear trend, because we do have lower highs/lows in the 1h chart. It also defeated the purple trendline, indicating some weakness.
Now, NIO found a support around the $ 43.78 and it is bouncing back up. There’s some light in the end of this tunnel, because it looks like we have a Flag pattern. The pattern wasn’t triggered yet, but this can stop this short-term bear trend. Also, if it defeats the $ 46 again, it'll be a very good sign.
It is not the best movement ever, but it is a start. Now, the daily chart has some interesting stuff to tell us:
This short-term bear trend in the 1h chart might be just a harmless pullback in the daily chart, to its 21 ema. It is doing a good reaction today, but it still might retest the 21 ema in the next few days.
The $ 43.13 is a nice support level, as it was a previous resistance, and now the 21 ema is also quite near this price level too. This seems to be a great support level for NIO, if it corrects, and it could even give us a buy sign – if the right pattern appears.
The volume is just fine, but I would be happy if NIO does a sideways correction between the two black lines. All of this doesn’t change the main bullish bias we have in the mid-term, and the target at the $ 50.40. We already filled the gap, which some people found absolutely crazy, and maybe we’ll nail another target.
Let’s just be aware of this support level in the daily chart around $ 43.13.
If you liked this idea, remember to follow me to keep in touch with my daily updates, and please, support this idea if it helped you!
Thank you very much!
🔴 Only 5% of traders manage to be profitable in the long term.
👉 Join the 5% Project: thefinancehydra.com/the5project/
👉 Join the 5% Project: thefinancehydra.com/the5project/
