$NIO Bearish Chart Technical Analysis

We all do like NIO. Huge potential, great incomes, shows its value in the field.

Although we can see 2 bearish patterns on NIO:

1. Head & shoulders
2. Descending Triangle

We can also see that the support on 35$ is starting to get rejected strongly by the resistance line.

If broken below 35$ support next one is going to be the 50W-EMA which might be a strong support that will help us break above resistance.

Indicators:

- MACD is very bearish.
- RSI is neutral but below 50. Indicates a clear downtrend.

I am personally very bullish on NIO on the long term. On the other hand, NIO for me is a SELL for the short term.

This is not a financial advice. Posting for educational purposes only. Use it at your own risk.