Hello traders and investors! Let’s see how NIO is doing today!
First, NIO defeated the purple trendline, breaking the bear trend seen in the 1h chart. But there is no bull trend yet, as we have no higher highs/lows. But we have a pivot point at $ 34.15, and if defeated, this will be the beginning of a new bull trend in the 1h chart, which could spread to the daily chart as well.
Speaking of daily chart:
Yep, NIO quickly retested the $ 32 area, and it went to the $ 30.71, but it was a false breakout from our green line. Friday, it did a Harami above a support level. Usually, Haramis have random chances of working as reversal patterns, but the odds increase when we are near important support levels.
NIO must not lose this green line again, otherwise, it’ll seek lower levels, like the $ 25. If it triggers the pivot mentioned in the 1h chart, it can easily seek the $ 43 again.
Let’s see how NIO will play next. If you liked this analysis, remember to follow me to keep in touch with our studies, and support this idea if it helped you!
@ellisd13, That's right, my friend! NIO got crushed recently, but the market rewards the patient ones.
I wish you the best!
remarkableDino65344
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a few of us are in NIO, great to see your analysis. $32~ is a 50% retracement, do you think this bears more strength than 61.8%? The angle is quite steep still. Maybe some short term buying opportunities?
Nathan_Black
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@remarkableDino65344, I see as a buy opportunity. We never know which retracement is going to work until we see a good pattern around it, and in this case, it seems the 50% is the one for us.
Thanks for the support, mate!
Take care.
huangji8
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Many many thanks for doing this!!!
Nathan_Black
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@huangji8, I appreciate your support, Huang! It is always nice to see you, mate!