NIO ended the week with a swing low in week 36, a good timing for a weekly low, the price is seeking a yearly low price too. We need price to close above the 10 week moving average for full confirmation that the weekly cycle has turned a corner. On the monthly chart we see some positive divergence building on the TSI & RSI.Nota
NIO has not yet fully confirmed a long criteria, best to stand aside & keep watch.Nota
NIO still caught in a downtrend, besides watching & waiting, we can modify the green line so that it touches 31 July, 26 December & 11 March. That line remains the guide plus a close above the 10MA.Nota
NIO demonstrates how many shares caught me on the wrong side for being an eager beaver, that swing low on 5 February would have drawn me in before I sunk into loss & think backtest then before you know it, you are -20% & pulling a stop becomes a pain.Nota
NIO has set support on the following lows, 10 May, 23 May, 11 June with resistance at 15 May, 3 June. This forms a bullish flag. When go above the resistance we know a cycle low is confirmed. If price does not go lower than 22 April we confirm a weekly low & going higher.
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