My second analysis after a month of learning about the trade. Again, an easy pick; The Hood's favorite: NIO.
Assesment: - NIO remains overbought at the daily and weekly level. - A rising wegde formed midday - Volume decreased as the wedge formed - indecisiveness during end of day
Using an ABCD pattern and retracement lines my estimate would be a dollar drop by end of day. I put it exactly at a dollar for the sake of it. They key would be the break of the 12.85 resistance point. We already saw a lot of volume pushing back around the 13 mark. Perhaps not a lot of strenght left there.
After that it maybe a drop below 10 as my previous post mentioned.
I have not taken into account the fundamentels as was mentioned last time. I bought at 13.50 to short so am bearish biased. :)
Look forward to hearing your input!
Hear to learn.
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Please note the H&S shoulder pattern forming which is another indication of an imminent drop. Thanks to u/Bear11
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Just noticed the pre-market drop to 11.68. Here we GO!?
LOVE IT!!!!!
Check my NIO video out as well.. Called it from last week and just waiting
Goingdutch303
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@InvestSmartWAAS. Thanks. I always check your vids haha. I just started so hopefully so hopefully this analysis will give me a sign that i've learned something haha.
CriptoWild1
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@Goingdutch303, Learning too my friend....
Appreciate it big time.... Im not always right but when I am, It goes hard too.... lool
Trade Safe
Goingdutch303
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@InvestSmartWAAS, Thanks. I normally hate numbers and graphs. Hated math in school. But the psychology and excitement really draw me in.
Can i ask what sources you read/follow to stay up to date?
CriptoWild1
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@Goingdutch303, sure no issue....
Simple as 1,2 and 3..
I like to just watch volume and new highs... Those types of trade work for me.... I use plenty of different sites but at the end of the day, Trading View Volume and US all exchange is what I play with it if its a daily trade for myself... Swing trading is cool too but only when I go under cause usually a week to a month, im back up and I pull out after.
Check my NIO video out as well.. Called it from last week and just waiting