The good:
- May look like a large measured move pattern on the daily chart
- 200 MA bounce
- 0.5 fib bounce
- triple bottom on the $35 support
- great news (NIO partnering with the world's second-largest gas station company to implement their battery swap 2.0 stations, expansion to Europe, and partnering with Ford)
- This MAD green trendline goes way back. (very interesting)
- NIO seems to be bottoming out and the rest of the tech sector is starting to bottom out too (TSLA, BEEM, PLTR).
The bad:
- May look like a large head and shoulders pattern on the daily chart (unlikely).
- Might be a descending triangle forming instead of a wedge because of the third retest of the $35 support. A continuation pattern, but not always.
- Still in a semiconductor shortage like what the rest of the tech sector is suffering from.
The plan:
- Seems like the good outweighs the bad in both technical and fundamental analysis.
- If you look at my previous posts on where I thought this triangle that's forming was a wedge, now I'm thinking it may be a descending triangle instead. That is due to the bottom trendline breaking but bouncing off the $35 support and not tanking as it would if it was a wedge. However, in my other post "the power of volume" I talk about how the volume is favoring the bulls so even if it is a descending triangle, this one could be a reversal instead of a continuation.
- With all technicals (200MA, 0.5 FIB, triple bottom, relatively low on the RSI, trendline) and news on NIO's rapid expansion, it is hard to think this stock is dropping.
- Therefore, MY plan (this is not financial advice) is to buy some now because when it goes up, it's going to boom up and I don't want to miss out on this price. Keeping a larger buy on hold until I see a confirmation upwards (breaking the top trendline and seeing it retest it or a huge spike in volume), OR a confirmation downward where I will wait and then buy at the 0.618 fib, increasing my position the more the price drops (if it even drops).
Hope this helps, let me know what you guys think.
- May look like a large measured move pattern on the daily chart
- 200 MA bounce
- 0.5 fib bounce
- triple bottom on the $35 support
- great news (NIO partnering with the world's second-largest gas station company to implement their battery swap 2.0 stations, expansion to Europe, and partnering with Ford)
- This MAD green trendline goes way back. (very interesting)
- NIO seems to be bottoming out and the rest of the tech sector is starting to bottom out too (TSLA, BEEM, PLTR).
The bad:
- May look like a large head and shoulders pattern on the daily chart (unlikely).
- Might be a descending triangle forming instead of a wedge because of the third retest of the $35 support. A continuation pattern, but not always.
- Still in a semiconductor shortage like what the rest of the tech sector is suffering from.
The plan:
- Seems like the good outweighs the bad in both technical and fundamental analysis.
- If you look at my previous posts on where I thought this triangle that's forming was a wedge, now I'm thinking it may be a descending triangle instead. That is due to the bottom trendline breaking but bouncing off the $35 support and not tanking as it would if it was a wedge. However, in my other post "the power of volume" I talk about how the volume is favoring the bulls so even if it is a descending triangle, this one could be a reversal instead of a continuation.
- With all technicals (200MA, 0.5 FIB, triple bottom, relatively low on the RSI, trendline) and news on NIO's rapid expansion, it is hard to think this stock is dropping.
- Therefore, MY plan (this is not financial advice) is to buy some now because when it goes up, it's going to boom up and I don't want to miss out on this price. Keeping a larger buy on hold until I see a confirmation upwards (breaking the top trendline and seeing it retest it or a huge spike in volume), OR a confirmation downward where I will wait and then buy at the 0.618 fib, increasing my position the more the price drops (if it even drops).
Hope this helps, let me know what you guys think.
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.
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.