The price for NIO could likely face resistance at the $5.00 price level, or even if it could go higher than this, it would likely face some strong resistance at the $5.90 area. The price has been moving in a downtrend, forming a series of bear flag patterns along the way. One the higher timeframes, the price broke out of a major range to the downside. This should be a key driver for this short trade as the momentum is clearly to the downside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.