NIO: Doing some very good (and technical) movements.
Hello traders and investors! Let’s see how NIO is doing today!
Today’s movement was quite intense, as NIO opened lower at $ 38.14, below the black line at $ 38.55 (previous support), but it immediately recovered and now it is flying.
It may look like we have a Head and Shoulders chart pattern, however, the pattern wasn’t triggered, and the bias is still slightly bullish.
It is interesting to notice that the $ 38.55 is a nice support level, not only because it was a previous support in the 1h chart, but because it is the 21 ema area in the daily chart too, making it a Dual-Support level.
In the daily chart, NIO is doing higher highs/lows since it found its bottom in the beginning of last month. Yesterday, we hit the 21 ema in the daily chart and it is bouncing back up, as usual.
Today’s sign indicates to us that NIO is still bullish, and it is just seeking the $ 46.36 area again, after it retested its Dual-Support level. So far, the situation is under control.
If you liked this analysis, remember to follow me to keep in touch with my daily updates. Also, support this idea if you liked it!
Have a good day,
Nathan
Today’s movement was quite intense, as NIO opened lower at $ 38.14, below the black line at $ 38.55 (previous support), but it immediately recovered and now it is flying.
It may look like we have a Head and Shoulders chart pattern, however, the pattern wasn’t triggered, and the bias is still slightly bullish.
It is interesting to notice that the $ 38.55 is a nice support level, not only because it was a previous support in the 1h chart, but because it is the 21 ema area in the daily chart too, making it a Dual-Support level.
In the daily chart, NIO is doing higher highs/lows since it found its bottom in the beginning of last month. Yesterday, we hit the 21 ema in the daily chart and it is bouncing back up, as usual.
Today’s sign indicates to us that NIO is still bullish, and it is just seeking the $ 46.36 area again, after it retested its Dual-Support level. So far, the situation is under control.
If you liked this analysis, remember to follow me to keep in touch with my daily updates. Also, support this idea if you liked it!
Have a good day,
Nathan
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