NIO Potential Reentry Levels Long and Short!
NIO inc is one of the promising Chinese Electric car companies which has been undergoing great progress recently
After it broke through the 7 price level, a new resistance level formed. Previously, the trend has shown us that a breakout in this stock has come to be followed by a slight retracement before the next breakout. This offers a perfect buy opportunity for the stock which is currently in a promising bull trend. This can be supported by the TD sequential count which hit an 8 early this week, signalling the possible start of a slight down trend before the next breakout. Additionally, the MACD is currently diverging, suggesting the continuation of the current retracement trend. As for the RSI, it is hovering around the 50s range and cannot be really used for accurate prediction of whether the stock may go lower or higher. These potential buy regions were picked out from the lows formed by the candles of the 15th to act as retracement benchmarks.
First Buy Level - Around 6.56
Midpoint level - 6.40
Second Buy level - Around 6.24
Midpoint level - 6.07
Third Buy level - Around 5.9
Depending on the trend and how fast you may want to reenter, consider the midpoint levels between the reentry predictions
It should be noted however that due to the positive news regarding its recent addition stock sales to the US market and overall consumer confidence, the stock may even fail to hit these regions and breakout anytime, or even consolidate at its current price range.
This is mostly adviseable for those aiming to go short term with the stock for more profit, however can also apply to those going long.
Good luck trading!!!!
After it broke through the 7 price level, a new resistance level formed. Previously, the trend has shown us that a breakout in this stock has come to be followed by a slight retracement before the next breakout. This offers a perfect buy opportunity for the stock which is currently in a promising bull trend. This can be supported by the TD sequential count which hit an 8 early this week, signalling the possible start of a slight down trend before the next breakout. Additionally, the MACD is currently diverging, suggesting the continuation of the current retracement trend. As for the RSI, it is hovering around the 50s range and cannot be really used for accurate prediction of whether the stock may go lower or higher. These potential buy regions were picked out from the lows formed by the candles of the 15th to act as retracement benchmarks.
First Buy Level - Around 6.56
Midpoint level - 6.40
Second Buy level - Around 6.24
Midpoint level - 6.07
Third Buy level - Around 5.9
Depending on the trend and how fast you may want to reenter, consider the midpoint levels between the reentry predictions
It should be noted however that due to the positive news regarding its recent addition stock sales to the US market and overall consumer confidence, the stock may even fail to hit these regions and breakout anytime, or even consolidate at its current price range.
This is mostly adviseable for those aiming to go short term with the stock for more profit, however can also apply to those going long.
Good luck trading!!!!
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