Nio to Drive Lower? NIO - Short Term - We look to Sell at 27.16 (stop at 29.98)
We look to sell rallies. Previous support, now becomes resistance at 28.00. We have a 61.8% Fibonacci pullback level of 28.26 from 33.80 to 19.31. 20 1day EMA is at 26.50. Further downside is expected although we prefer to sell into rallies close to the 27.00 level.
Our profit targets will be 19.36 and 16.80
Resistance: 28.00 / 34.00 / 45.00
Support: 20.00 / 15.00 / 10.00
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