NIO: Seeking the $ 30? Next support and key points!
Hello traders and investors! Let’s see how NIO is doing today!
First, it failed in reacting near its support levels, and it is dropping sharply. We don’t see a good bullish reversal sign around, and it is following the Chinese stocks sell-off.
One thing to keep in mind: We have two open gaps above the price, and I’m convinced that they will be filled, we just don’t know how or when. It might take years, or a few weeks. As long as we don’t see any good reaction, there’s no way this is a buy again.
In the daily chart, it seems NIO is doing a H&S chart pattern, and today it is triggering the pattern by losing the neckline. Again, since we have no reaction around, this might be a sell sign, if confirmed.
If we see a good reaction this week, this will become a phenomenal buy sign near a support level, but as long as it doesn’t react, there’s nothing else we can do. The next support is at $ 30, and it might hit there. Let’s follow NIO closely, as when the situation is dangerous, we see the best opportunities.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you.
Have a good week!
First, it failed in reacting near its support levels, and it is dropping sharply. We don’t see a good bullish reversal sign around, and it is following the Chinese stocks sell-off.
One thing to keep in mind: We have two open gaps above the price, and I’m convinced that they will be filled, we just don’t know how or when. It might take years, or a few weeks. As long as we don’t see any good reaction, there’s no way this is a buy again.
In the daily chart, it seems NIO is doing a H&S chart pattern, and today it is triggering the pattern by losing the neckline. Again, since we have no reaction around, this might be a sell sign, if confirmed.
If we see a good reaction this week, this will become a phenomenal buy sign near a support level, but as long as it doesn’t react, there’s nothing else we can do. The next support is at $ 30, and it might hit there. Let’s follow NIO closely, as when the situation is dangerous, we see the best opportunities.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you.
Have a good week!
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