NIO: Still trading DANGEROUSLY near a support level!
Hello traders and investors! Let’s talk about Nio today! My previous analysis was last Monday, what could've changed since then? Oh, and I'll leave the link to my previous analysis below, as usual.
Today’s drop was very technical, as NIO just went down to fill the gap at the dotted black line, around $ 54.60, and now it is quickly recovering. The $ 54.60 was a very good support level, but we must be aware of the 21 ema now, as it can work as a resistance.
Also, it did a false breakout from the green line, which is a good bullish sign, but NIO must show more signs of strength around, before it can fly again.
Now, to the daily chart:
On the bright side, today’s candlestick looks like a Hammer pattern, and the $ 57.20 is still an important price level to keep in mind, as it seems the price can’t drop below this point.
The volume is still low, but this is a good sign in this case. When we see a stock dropping or in a congestion with low volume, after a strong bullish movement, it is not a sell-off sign, but only a harmless pullback.
Let’s keep our eyes open on NIO. We must be very careful and look for the right timing. If you liked this analysis, remember to follow me to keep in touch with my daily analyses, and please, support this idea before you leave!
Thank you very much. Have a great week!
Today’s drop was very technical, as NIO just went down to fill the gap at the dotted black line, around $ 54.60, and now it is quickly recovering. The $ 54.60 was a very good support level, but we must be aware of the 21 ema now, as it can work as a resistance.
Also, it did a false breakout from the green line, which is a good bullish sign, but NIO must show more signs of strength around, before it can fly again.
Now, to the daily chart:
On the bright side, today’s candlestick looks like a Hammer pattern, and the $ 57.20 is still an important price level to keep in mind, as it seems the price can’t drop below this point.
The volume is still low, but this is a good sign in this case. When we see a stock dropping or in a congestion with low volume, after a strong bullish movement, it is not a sell-off sign, but only a harmless pullback.
Let’s keep our eyes open on NIO. We must be very careful and look for the right timing. If you liked this analysis, remember to follow me to keep in touch with my daily analyses, and please, support this idea before you leave!
Thank you very much. Have a great week!
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