NIO: New record high! Now what?
Hello traders and investors! Let’s see how NIO is doing today!
As we already discussed yesterday, the odds were in favor of the bulls and NIO is flying today. It defeated the black line and did a record high as we thought it would, but what now?
Well, it is struggling around the black line, which is natural, as it is a quite decisive point for NIO. It went down to retest the 21 ema, another natural movement, but we have no clear sign now.
The good news is that NIO is resisting very well, and the sellers can’t make this stock drop. As long as NIO closes above the black line, we are fine.
Now, the daily chart:
NIO triggered a pivot point today, which is the same black line we’ve been discussing here. This is why it is so important.
And this is why NIO must close above it today, because if it doesn’t, the market may see this as a false breakout, and NIO could do a pullback to the 21 ema again.
Of course, this wouldn’t be a danger sign, and the trend would still be extremely bullish. In fact, this would be a golden opportunity to buy NIO at a cheaper price, so no need to panic at all.
And if you liked this analysis, please, support it! And follow me to keep in touch with my daily updates on NIO and other stocks.
Thank you very much.
As we already discussed yesterday, the odds were in favor of the bulls and NIO is flying today. It defeated the black line and did a record high as we thought it would, but what now?
Well, it is struggling around the black line, which is natural, as it is a quite decisive point for NIO. It went down to retest the 21 ema, another natural movement, but we have no clear sign now.
The good news is that NIO is resisting very well, and the sellers can’t make this stock drop. As long as NIO closes above the black line, we are fine.
Now, the daily chart:
NIO triggered a pivot point today, which is the same black line we’ve been discussing here. This is why it is so important.
And this is why NIO must close above it today, because if it doesn’t, the market may see this as a false breakout, and NIO could do a pullback to the 21 ema again.
Of course, this wouldn’t be a danger sign, and the trend would still be extremely bullish. In fact, this would be a golden opportunity to buy NIO at a cheaper price, so no need to panic at all.
And if you liked this analysis, please, support it! And follow me to keep in touch with my daily updates on NIO and other stocks.
Thank you very much.
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