NIO Inc.שורט
Double bottom (bullish) or rounding top (bearish)?
Greetings All,
If NIO breaks and closes above the red trend-line resistance with strong volume, this would constitute a bullish double bottom reversal pattern with targets at $45 and $50, which is the current pivot on the daily chart. However, be aware of the original bearish cup and handle that formed (review my linked idea below) previously, and again today. In addition, be aware of the gap near the bottom around the $21 area. Also, note that the weekly, daily, 4hr, 2hr, and 1hr charts are bearish, which indicates that NIO is headed toward S3 ($27), which coincides with the 61.8% retracement level. I will examine the RSI at close today to determine if there is bullish divergence on the daily and update the idea later today. If so, I anticipate a higher opening on NIO next week.
Happy Trading!
Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.
If NIO breaks and closes above the red trend-line resistance with strong volume, this would constitute a bullish double bottom reversal pattern with targets at $45 and $50, which is the current pivot on the daily chart. However, be aware of the original bearish cup and handle that formed (review my linked idea below) previously, and again today. In addition, be aware of the gap near the bottom around the $21 area. Also, note that the weekly, daily, 4hr, 2hr, and 1hr charts are bearish, which indicates that NIO is headed toward S3 ($27), which coincides with the 61.8% retracement level. I will examine the RSI at close today to determine if there is bullish divergence on the daily and update the idea later today. If so, I anticipate a higher opening on NIO next week.
Happy Trading!
Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.
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