Hello traders and investors! Let’s see how NIO is doing today, after earnings! Even in moments like this, with high volatility, Technical Analysis still makes sense.
First, in the 1h chart, NIO dropped sharply only to retest the previous support at $ 41.59 and now it is bouncing back up. This is a good sign, and if we manage to close above the $ 43.43 area, the previous support level, it’ll be perfect.
However, the bias is slightly bearish in the 1h chart, as we have lower highs/lows, and the 21 ema is pointing down, and it is working as a resistance too. It won’t be an easy task for NIO to reverse this sentiment, but it is definitely possible.
The daily chart offers us more clues:
Since the beginning of the month, NIO has been trading sideways, dancing around the 21 ema. Now we are just at the 50% Fibonacci’s Retracement, and if NIO is about to react, now is the best time to do so.
The volume is quite low by the time I’m writing this analysis, and even considering the trading day is not over yet, I still think the volume is too low.
So far, we have no confirmation of a meaningful reaction, but maybe we’ll see something good around these support levels soon.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Thank you very much!
First, in the 1h chart, NIO dropped sharply only to retest the previous support at $ 41.59 and now it is bouncing back up. This is a good sign, and if we manage to close above the $ 43.43 area, the previous support level, it’ll be perfect.
However, the bias is slightly bearish in the 1h chart, as we have lower highs/lows, and the 21 ema is pointing down, and it is working as a resistance too. It won’t be an easy task for NIO to reverse this sentiment, but it is definitely possible.
The daily chart offers us more clues:
Since the beginning of the month, NIO has been trading sideways, dancing around the 21 ema. Now we are just at the 50% Fibonacci’s Retracement, and if NIO is about to react, now is the best time to do so.
The volume is quite low by the time I’m writing this analysis, and even considering the trading day is not over yet, I still think the volume is too low.
So far, we have no confirmation of a meaningful reaction, but maybe we’ll see something good around these support levels soon.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Thank you very much!
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