$NIO Showing Early Signs of Bottoming Cycle

ended the week with a swing low in week 36, a good timing for a weekly low, the price is seeking a yearly low price too. We need price to close above the 10 week moving average for full confirmation that the weekly cycle has turned a corner. On the monthly chart we see some positive divergence building on the TSI & RSI.

Note

NIO has not yet fully confirmed a long criteria, best to stand aside & keep watch.

Note

NIO still caught in a downtrend, besides watching & waiting, we can modify the green line so that it touches 31 July, 26 December & 11 March. That line remains the guide plus a close above the 10MA.

Note

NIO demonstrates how many shares caught me on the wrong side for being an eager beaver, that swing low on 5 February would have drawn me in before I sunk into loss & think backtest then before you know it, you are -20% & pulling a stop becomes a pain.

Note

NIO has set support on the following lows, 10 May, 23 May, 11 June with resistance at 15 May, 3 June. This forms a bullish flag. When go above the resistance we know a cycle low is confirmed. If price does not go lower than 22 April we confirm a weekly low & going higher.

runyamhere

Also on:

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.

runyamhere

Also on: