Enter Nio Longobserving the following chart attached I have the four hour timeframe each candle representing FOUR HOURS of price action, red for bearish, green for bullish.we hit a low of 7.09 on dec 13 2023, hit a high of $9.00 on Dec 18, 2023.Price continued to hit a higher low of 7.92 on Dec 20, 2023, price hit a higher high on dec 26,2023 at a high of 9.43 and currently we have short term bearish momentum in play. Considering Nio having so many shares outstanding versus the amount of shares held or float, expect volatility to be high. If at any time before December ends or even a few weeks into January price were to drop down and find support at 8.43, which i believe is a key SUPPORT or a price were buyers will step in and buy because they think its cheap. Abu dhabis recent investment of 2.2B into Nio could be that support over the $8 price range.
On the right side we have the weekly timeframe and price has support around the low 7s. We've got 4 consecutive green bullish candles allowing us for entry, Price target of resistance needed for next price target 10.09.Mon June 26 2023 was the last time the price was around 10.09 and went up.
Im using the 9 day and 30 day moving averages as my indicators to the rightand if you were to add a volume weighted average price indicator would back up the chart to the left at any sign of support at the price mentioned above $8.43USD.
