NIO - Will Rise From Ashes 🦅

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📈 NIO has been overall bearish, trading within the falling wedge pattern in red.

Currently, NIO is hovering around the lower bound of the wedge acting as a non-horizontal support.

Moreover, it is retesting a strong support zone at 5.0 marked in green.

🏹 Thus, the highlighted red circle is a strong area to look for buy setups as it is the intersection of the green support and lower red trendline.

📚 As per my trading style:
As #NIO is around the red circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich