Hello traders and investors! Let’s see how NIO is doing today!
Yes, NIO is giving us early signs of reversal, as we thought in our last analysis. Now it is dropping, but is there any reason to panic? Let’s see.
The $ 39.62 seems to be a resistance for NIO, which made it drop again to the 21 ema, and it might even retest the $ 37.89, the first pivot point that reversed the trend.
I don’t see this as a reason to worry, as NIO is doing just fine for now, and we lack bearish structures in the short-term. If we lose the $ 37.89 then ok, the bullish thesis will not work as we wish, but if we defeat the $ 39.62 NIO will fly again.
We have an open gap at $ 40, and no other meaningful resistances up to $ 46.36. The Risk/Reward ratio seems to favor the bulls here.
However, in the daily chart, the bulls are still in trouble. We lack bullish structure here, and the reversal signs in the 1h chart may be not enough. The 21 ema is pointing down, and we are below it.
It feels like if we are about to see a bullish reaction, it is still too early to tell. If we defeat the $ 39.62 in the 1h chart, it’ll be a good start, but as long as NIO keeps moving sideways, we can’t assume anything.
Let’s keep our eyes open here. If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good day.
Yes, NIO is giving us early signs of reversal, as we thought in our last analysis. Now it is dropping, but is there any reason to panic? Let’s see.
The $ 39.62 seems to be a resistance for NIO, which made it drop again to the 21 ema, and it might even retest the $ 37.89, the first pivot point that reversed the trend.
I don’t see this as a reason to worry, as NIO is doing just fine for now, and we lack bearish structures in the short-term. If we lose the $ 37.89 then ok, the bullish thesis will not work as we wish, but if we defeat the $ 39.62 NIO will fly again.
We have an open gap at $ 40, and no other meaningful resistances up to $ 46.36. The Risk/Reward ratio seems to favor the bulls here.
However, in the daily chart, the bulls are still in trouble. We lack bullish structure here, and the reversal signs in the 1h chart may be not enough. The 21 ema is pointing down, and we are below it.
It feels like if we are about to see a bullish reaction, it is still too early to tell. If we defeat the $ 39.62 in the 1h chart, it’ll be a good start, but as long as NIO keeps moving sideways, we can’t assume anything.
Let’s keep our eyes open here. If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good day.
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