Multi timeframe analysis on NIO
Today we will make an update on a previous idea we developed on NIO (Link to related ideas)
First, let's start with the big picture, the daily chart.
-Here, we can see that the price found a strong level on the convergence area of the ascending trendline and the support zone. That's our main structure to support the bullish idea; now, we want to see the targets and how to trade them.
-On the 30 minutes chart, we are using a previous situation as a filter to validate our current view. We have a broken descending trendline broken + Flag pattern on the outside of the broken trendline, and finally, a bullish impulse towards the next resistance zone.
-We can observe in the current situations a lot of similarities with the previous one.
-We have the price bouncing from a major level on a higher timeframe, and we can see a corrective structure being formed on the outside of the descending trendline. Now we want to see a much bigger Flag pattern (similar size to the one that happened before). IF that happens, we will define our activation level on the green horizontal line. Our invalidation level will be below the flag pattern, and the target we will use for this movement is the next resistance zone.
-Take this as an idea that is not completed yet. We will make a new post when we consider that the structure is ready to trade.
Thanks for reading!
First, let's start with the big picture, the daily chart.
-Here, we can see that the price found a strong level on the convergence area of the ascending trendline and the support zone. That's our main structure to support the bullish idea; now, we want to see the targets and how to trade them.
-On the 30 minutes chart, we are using a previous situation as a filter to validate our current view. We have a broken descending trendline broken + Flag pattern on the outside of the broken trendline, and finally, a bullish impulse towards the next resistance zone.
-We can observe in the current situations a lot of similarities with the previous one.
-We have the price bouncing from a major level on a higher timeframe, and we can see a corrective structure being formed on the outside of the descending trendline. Now we want to see a much bigger Flag pattern (similar size to the one that happened before). IF that happens, we will define our activation level on the green horizontal line. Our invalidation level will be below the flag pattern, and the target we will use for this movement is the next resistance zone.
-Take this as an idea that is not completed yet. We will make a new post when we consider that the structure is ready to trade.
Thanks for reading!
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