NIO - Double Wedge (TA Review)
This is a review of 
NIO, which I charted on 2/28/2020. The price in my previous chart was $4.21, where we had just broken out of the wedge. The next expectations that I had was that it would hit the soft resistance at 4.27, and if it broke, 4.35 and if we're lucky, 4.43. It appears that the price action after breaking out of the wedge proved to be correct, where we bounced off of 4.27 and were rejected. This sent the price down, bouncing off of the wedge support. We look to have caught support at around 4.07 and had another go at the resistance. Over the next day, we managed to break through the resistance and tested 4.35, but failed. We additionally failed support being established at 4.27, which was to be expected given the relatively short time period where we were in that channel. This sent the stock down to bounce off of the green trend line, only to lose that as support and then rely on the 4.00 support. This seemed to hold for the rest of 1/30, but when markets opened on 1/31, we got a bit too ambitious and lost that support entirely, sending it spiraling down further.
In my previous chart, I did not see a support at 3.70. I saw it this morning (2/2) on the 15 minute chart. As for future price action, we do appear to have bounced off of support at 3.70, and for now, it appears to be fairly strong. We are currently in a period of accumulation. I expect that out next price target will test 4.00 level by 2/4.
NIO, which I charted on 2/28/2020. The price in my previous chart was $4.21, where we had just broken out of the wedge. The next expectations that I had was that it would hit the soft resistance at 4.27, and if it broke, 4.35 and if we're lucky, 4.43. It appears that the price action after breaking out of the wedge proved to be correct, where we bounced off of 4.27 and were rejected. This sent the price down, bouncing off of the wedge support. We look to have caught support at around 4.07 and had another go at the resistance. Over the next day, we managed to break through the resistance and tested 4.35, but failed. We additionally failed support being established at 4.27, which was to be expected given the relatively short time period where we were in that channel. This sent the stock down to bounce off of the green trend line, only to lose that as support and then rely on the 4.00 support. This seemed to hold for the rest of 1/30, but when markets opened on 1/31, we got a bit too ambitious and lost that support entirely, sending it spiraling down further. In my previous chart, I did not see a support at 3.70. I saw it this morning (2/2) on the 15 minute chart. As for future price action, we do appear to have bounced off of support at 3.70, and for now, it appears to be fairly strong. We are currently in a period of accumulation. I expect that out next price target will test 4.00 level by 2/4.
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