NIO: Could it reverse or not?
Hello traders and investors! Let’s see how NIO is doing today!
First, we had a powerful candlestick today, which could be seen as an Ignition Bar, but it wasn’t triggered and it seems it is losing strength. Either way, we have a pivot point at $ 44.87, and if defeated, this could cause a mid-term reversal on NIO.
For now, there’s nothing indicating that we’ll see something good around, but we have no bad news either. The $ 46.99 seems to be a strong resistance for us in the short-term, and a point to keep our eyes on.
In the daily chart, NIO is just struggling around its Fibonacci’s Retracements, and unlike other Chinese stocks like BABA, JD and PDD, it is not crashing. Point for NIO.
So far, the stock is quite resilient, and if it triggers the pivot point in the 1h chart, the odds are that it’ll trigger the Inverted Head and Shoulders chart pattern seen in the daily chart.
The neckline is the $ 46.99 which we talked about in the 1h chart. On the other hand, if we lose today’s low and seek the 61.8% retracement, then the bullish thesis will be completely ruined.
We have many key points to look at, and a long week ahead. If you liked this idea, remember to follow me to keep in touch with my daily updates, and please, support it if it helped you!
Thank you very much!
First, we had a powerful candlestick today, which could be seen as an Ignition Bar, but it wasn’t triggered and it seems it is losing strength. Either way, we have a pivot point at $ 44.87, and if defeated, this could cause a mid-term reversal on NIO.
For now, there’s nothing indicating that we’ll see something good around, but we have no bad news either. The $ 46.99 seems to be a strong resistance for us in the short-term, and a point to keep our eyes on.
In the daily chart, NIO is just struggling around its Fibonacci’s Retracements, and unlike other Chinese stocks like BABA, JD and PDD, it is not crashing. Point for NIO.
So far, the stock is quite resilient, and if it triggers the pivot point in the 1h chart, the odds are that it’ll trigger the Inverted Head and Shoulders chart pattern seen in the daily chart.
The neckline is the $ 46.99 which we talked about in the 1h chart. On the other hand, if we lose today’s low and seek the 61.8% retracement, then the bullish thesis will be completely ruined.
We have many key points to look at, and a long week ahead. If you liked this idea, remember to follow me to keep in touch with my daily updates, and please, support it if it helped you!
Thank you very much!
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