NIO: A dual-resistance level we must be aware of!
Hello traders and investors! Let’s see how NIO is doing today!
First, it triggered the Pivot Point we discussed yesterday (green line at $ 46.30), and now NIO must keep above this level in order to resume the bull trend. It won’t be easy, as NIO has another resistance above, even stronger than the green line. The link to my last analysis is below, as usual.
The purple trendline and the pink line at $ 48.65 make a dual-resistance level, and they could frustrate the bulls here for some time. At least the 21 ema is below the price, and it could offer support if NIO loses the green line.
Yes, NIO is at a decisive point, but who would win, the bulls or the bears? Let’s see if the daily chart offers us more clues:
Since NIO did the Piercing Line pattern, it seems the stock is just “sleeping”. The volume is low, and the 21 ema is flat.
What NIO needs is a good reaction, with good volume, preferably. The pink line is seen in the daily chart as well, and it is the most important Pivot Point NIO has for now. If it defeats this pink line, then the ATH is our target, and if you ask me, it could easily defeat it.
Since the trend is bullish, the odds favor the bulls, but I wouldn’t be scared if NIO retests the purple line at $ 38.33. In fact, I would see this as an opportunity to buy.
And if you like this analysis, remember to follow me, as I do daily updates about NIO and other stocks! And please, support this idea if it helped you!
Thank you very much.
Trade well.
First, it triggered the Pivot Point we discussed yesterday (green line at $ 46.30), and now NIO must keep above this level in order to resume the bull trend. It won’t be easy, as NIO has another resistance above, even stronger than the green line. The link to my last analysis is below, as usual.
The purple trendline and the pink line at $ 48.65 make a dual-resistance level, and they could frustrate the bulls here for some time. At least the 21 ema is below the price, and it could offer support if NIO loses the green line.
Yes, NIO is at a decisive point, but who would win, the bulls or the bears? Let’s see if the daily chart offers us more clues:
Since NIO did the Piercing Line pattern, it seems the stock is just “sleeping”. The volume is low, and the 21 ema is flat.
What NIO needs is a good reaction, with good volume, preferably. The pink line is seen in the daily chart as well, and it is the most important Pivot Point NIO has for now. If it defeats this pink line, then the ATH is our target, and if you ask me, it could easily defeat it.
Since the trend is bullish, the odds favor the bulls, but I wouldn’t be scared if NIO retests the purple line at $ 38.33. In fact, I would see this as an opportunity to buy.
And if you like this analysis, remember to follow me, as I do daily updates about NIO and other stocks! And please, support this idea if it helped you!
Thank you very much.
Trade well.
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