NIO: The start of a reversal?

Hello traders and investors! Let’s see how NIO is doing today!

We have an important bullish structure in the 1h chart, and this could make the difference for the short/mid-term. NIO is triggering the bullish pivot point at $ 37.89, and if we close above it, we’ll see something new, something NIO hasn't done since it started its fall from the $ 46 area.

We have 2 open gaps that are targets for us, and they might help NIO to reverse the trend.

Now, we must keep above the 21 ema, and if this pivot point works, we might see a good reversal in the daily chart:


In the daily chart, we have a bullish Harami, which doesn’t tell much, but the Harami’s high is the pivot point seen in the 1h chart, so we have at least one confirmation of a possible rally in the daily chart.

I like the fact that the volume increased after we found a bottom, and any reaction here might lead NIO to the 21 ema in the daily chart again, around the $ 41 in the short-term.

We lack other bullish signs that could confirm a reversal in the mid-term, but the signs we see today are a good start.

Let’s follow NIO closely from now on. If you liked this analysis, remember to follow me to keep in touch with my daily updates.

Have a good day.