NIO: The Most Important Support is Here! 👇

• NIO is still in a long-term bear trend, however, it is doing an important reaction this week;
• It is confirming a bottom sign, just above the support at $9.40 (Support in Oct 2022, and Gap from Jul 2020);
• Only if it loses the $9.40 I see NIO seeking the purple line below the price, maybe even the $5.70 (Jan 2020 top level);
• However, the recent reaction might jeopardize a bearish sentiment, at least for now. It all depends on how it’ll react in the daily chart:


• Yes, NIO triggered a Bearish Flag, and as far as I know, it is just doing a pullback to the lower purple line again, before another drop;
• If NIO enters the Flag area again, and does a clear bullish structure, it’ll most likely frustrate this bearish pattern, and seek the next resistance in the weekly chart, which could be either the 21 ema or the upper trend line;
• Either way, NIO looks promising. I’ll keep you updated on this.

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