Today I am taking a look at a Chinese EV manufacturer
NIO
stock price movement.
NIO
stock price has been moving mostly sideways since the end of last year.
Price was trapped in between two major supply and demand areas: 30.5 and 54.5. This area is outlined by a big box.
The only exception was the breakout on January 2021, but price quickly reversed after rejection from the trend-line at 66.7 level.
Key points of analysis:
When you see this kind of movement in price the best strategy for a shorter-term trading is buying at the support levels and selling at the next resistence.
My outlook for the stock:
I believe it will go higher in the shorter term to test 47-49 levels.
Trade wisely and good luck!
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Disclaimer!!!
This is not financial advise.
NIO
stock price movement.
NIO
stock price has been moving mostly sideways since the end of last year. Price was trapped in between two major supply and demand areas: 30.5 and 54.5. This area is outlined by a big box.
The only exception was the breakout on January 2021, but price quickly reversed after rejection from the trend-line at 66.7 level.
Key points of analysis:
- Boxes capture consolidation of a price range or simpler a sideways movement.
- Stock price trends after a box breakout to test support/resistence.
When you see this kind of movement in price the best strategy for a shorter-term trading is buying at the support levels and selling at the next resistence.
My outlook for the stock:
I believe it will go higher in the shorter term to test 47-49 levels.
Trade wisely and good luck!
-----------------------------------------------------------------------------------------------------------------
Disclaimer!!!
This is not financial advise.
