NIO: Triggered our Bearish Flag! ๐ป What to expect next?
โข NIO triggered our Bearish Flag chart pattern, indicating a continuation of the bearish sentiment;
โข We studied this scenario in our previous public analysis on NIO โ link below this post;
โข In the daily chart, the 21 ema is working as a resistance, and it is pointing down, which reinforces the idea of a bearish sentiment;
โข Whatโs the next technical support level for NIO? The purple trend line in the weekly chart. Below that point, the $5.70;
โข Could NIO react from here? Yes, and if it is about to react, the timing couldnโt be better. NIO is near the weekly support at $9.40 (black line, weekly chart), and any bottom sign would indicate a possible bounce to the 21 ema again. However, there's not a single bullish sign on NIO yet;
โข Iโll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
โข We studied this scenario in our previous public analysis on NIO โ link below this post;
โข In the daily chart, the 21 ema is working as a resistance, and it is pointing down, which reinforces the idea of a bearish sentiment;
โข Whatโs the next technical support level for NIO? The purple trend line in the weekly chart. Below that point, the $5.70;
โข Could NIO react from here? Yes, and if it is about to react, the timing couldnโt be better. NIO is near the weekly support at $9.40 (black line, weekly chart), and any bottom sign would indicate a possible bounce to the 21 ema again. However, there's not a single bullish sign on NIO yet;
โข Iโll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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