NIO: This pattern can save the day!
Hello traders and investors! Let’s see how NIO is doing today!
We have an important reaction right now, as NIO is trying to trigger a Double Bottom chart pattern by breaking the $ 36.50 area. It seems the $ 34.510 worked as a nice support, after all, and this might bring something new to NIO.
We still have two open gaps, and by triggering this Double Bottom, the first one will be easily filled. The last one, at $ 40.59 is not going to be that easy, and NIO must do stronger bullish structures to reverse the trend for good.
However, this Double Bottom might be a good start. Now, let’s see the daily chart:
The situation is not the best, as the trend is still bearish, and aside from the signs in the 1h chart, we still see nothing meaningful in the daily chart. It is important to defeat the 21 ema, which is above the price and pointing down, before anything else.
Today’s reaction made a good candlestick pattern, yes, but it feels like it is too soon to tell if it’ll truly reverse or not. Let’s keep our eyes open, and pay attention to more signs.
The fact that it is reacting near the bottom level of a possible Triangle pattern in the weekly chart is surely interesting. Again, I think this is a good start, but let’s wait for some confirmation.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Have a good day!
We have an important reaction right now, as NIO is trying to trigger a Double Bottom chart pattern by breaking the $ 36.50 area. It seems the $ 34.510 worked as a nice support, after all, and this might bring something new to NIO.
We still have two open gaps, and by triggering this Double Bottom, the first one will be easily filled. The last one, at $ 40.59 is not going to be that easy, and NIO must do stronger bullish structures to reverse the trend for good.
However, this Double Bottom might be a good start. Now, let’s see the daily chart:
The situation is not the best, as the trend is still bearish, and aside from the signs in the 1h chart, we still see nothing meaningful in the daily chart. It is important to defeat the 21 ema, which is above the price and pointing down, before anything else.
Today’s reaction made a good candlestick pattern, yes, but it feels like it is too soon to tell if it’ll truly reverse or not. Let’s keep our eyes open, and pay attention to more signs.
The fact that it is reacting near the bottom level of a possible Triangle pattern in the weekly chart is surely interesting. Again, I think this is a good start, but let’s wait for some confirmation.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Have a good day!
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