NIO: Will it reverse the trend? Let's see.
Hello traders and investors! Let’s see how NIO is doing today!
Since our last analysis, NIO dropped sharply, frustrating the bullish bias seen in the short-term. However, the drop was perfectly controlled, as the price just found its support again, at the black line around $ 36.68.
Now the challenge is to climb all the way back to the $ 40.59 and fill the last gap, as this will put an end to the bearish sentiment this Island Reversal is causing on NIO.
The daily chart looks just ok. We have no amazing bullish signs, but nothing is telling us that it’ll drop now. On the bright side, we had a Hammer candlestick pattern yesterday, just after it hit the support level. The problem is the 21 ema, which is holding the price today.
I see that NIO is doing well, and since it just hit the support level, it looks more bullish than bearish to me, but we must wait for more confirmation signs. The Piercing Line pattern in the 1h chart was a good start, but if we see another bullish pattern, it’ll confirm a mid-term reversal, maybe to the $ 46 again.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and please, support this idea if it helped you!
Have a good day.
Since our last analysis, NIO dropped sharply, frustrating the bullish bias seen in the short-term. However, the drop was perfectly controlled, as the price just found its support again, at the black line around $ 36.68.
Now the challenge is to climb all the way back to the $ 40.59 and fill the last gap, as this will put an end to the bearish sentiment this Island Reversal is causing on NIO.
The daily chart looks just ok. We have no amazing bullish signs, but nothing is telling us that it’ll drop now. On the bright side, we had a Hammer candlestick pattern yesterday, just after it hit the support level. The problem is the 21 ema, which is holding the price today.
I see that NIO is doing well, and since it just hit the support level, it looks more bullish than bearish to me, but we must wait for more confirmation signs. The Piercing Line pattern in the 1h chart was a good start, but if we see another bullish pattern, it’ll confirm a mid-term reversal, maybe to the $ 46 again.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and please, support this idea if it helped you!
Have a good day.
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