NIO: Time to panic?
Hello traders and investors! Let’s talk about NIO!
Despite today's sell off, thanks to some news, NIO is doing very technical movements. It is retesting the purple line at $ 50.50, which is the most important support for NIO, as we discussed in my last analysis, and if we see a good candlestick pattern around here, it would be great. If you missed my previous analysis, just check the link below.
Also, thanks to the volatility, NIO almost filled the gap, but since it is reacting now, I don’t think it will. The volume increased in the last hours, again, thanks to news, but I see no reason to panic, especially if we look the daily chart:
Since NIO defeated a previous resistance (pink line at $ 48.65), now it is natural that it’ll work as a support in the future, according to the Principle of Polarity of Technical Analysis. Also, we have the 21 ema to hold the price.
The volume was good, but again, it is hard to tell how much of it was due to the news. But regardless of anything, the price is still doing nothing surprising or incredible. I see this just as an attempt to retest its supports (they didn’t even get hit).
I would start to worry if tomorrow NIO loses today’s low, along with the pink line. But today’s drop was extremely technical and could even bring some opportunities.
And remember to support this idea if you liked it! And follow me to keep in touch with my daily updates! Thank you very much!
Despite today's sell off, thanks to some news, NIO is doing very technical movements. It is retesting the purple line at $ 50.50, which is the most important support for NIO, as we discussed in my last analysis, and if we see a good candlestick pattern around here, it would be great. If you missed my previous analysis, just check the link below.
Also, thanks to the volatility, NIO almost filled the gap, but since it is reacting now, I don’t think it will. The volume increased in the last hours, again, thanks to news, but I see no reason to panic, especially if we look the daily chart:
Since NIO defeated a previous resistance (pink line at $ 48.65), now it is natural that it’ll work as a support in the future, according to the Principle of Polarity of Technical Analysis. Also, we have the 21 ema to hold the price.
The volume was good, but again, it is hard to tell how much of it was due to the news. But regardless of anything, the price is still doing nothing surprising or incredible. I see this just as an attempt to retest its supports (they didn’t even get hit).
I would start to worry if tomorrow NIO loses today’s low, along with the pink line. But today’s drop was extremely technical and could even bring some opportunities.
And remember to support this idea if you liked it! And follow me to keep in touch with my daily updates! Thank you very much!
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