NIO: The most important Key Point for the short/mid-term!
Hello traders and investors! Let’s see how NIO is doing today!
First, it failed in defeating the Dual-Resistance zone we discussed in my last analysis, and it seems it felt the purple trendline again today, and it lost the green line, frustrating this Pivot Point, which was triggered yesterday.
Now NIO did a Harami candlestick pattern, and if triggered, could be a ray of hope for NIO, at least in the short-term. But if NIO loses the Harami’s low, meaning, the $ 44.70, there is no other support before the red line to hold the price.
The daily chart is looking interesting, so, let’s look at it now:
The Piercing Line pattern is still valid, and one thing that catches my attention is the low volume since NIO did this pattern. The volume is low, and it looks like the stock doesn’t have strength, which is normal, as it went up so fast in the last months.
This is not an indicator of a real sell-off, just a sign of weakness, and usually, this means opportunity. It could even drop to the purple line at $ 38 again, and the trend would still be extremely bullish.
The key point here is the pink line, and NIO must defeat this point in order to resume the bull trend, and the volume must increase as well. If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Thank you very much!
First, it failed in defeating the Dual-Resistance zone we discussed in my last analysis, and it seems it felt the purple trendline again today, and it lost the green line, frustrating this Pivot Point, which was triggered yesterday.
Now NIO did a Harami candlestick pattern, and if triggered, could be a ray of hope for NIO, at least in the short-term. But if NIO loses the Harami’s low, meaning, the $ 44.70, there is no other support before the red line to hold the price.
The daily chart is looking interesting, so, let’s look at it now:
The Piercing Line pattern is still valid, and one thing that catches my attention is the low volume since NIO did this pattern. The volume is low, and it looks like the stock doesn’t have strength, which is normal, as it went up so fast in the last months.
This is not an indicator of a real sell-off, just a sign of weakness, and usually, this means opportunity. It could even drop to the purple line at $ 38 again, and the trend would still be extremely bullish.
The key point here is the pink line, and NIO must defeat this point in order to resume the bull trend, and the volume must increase as well. If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Thank you very much!
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