Ok, NIO is flying like a rocket and there is nothing on the charts telling me it’ll stop doing this. But we do have some points to watch in the next days.
Yes, NIO is oversold, but this doesn’t mean it’ll drop. It means we should be careful and not be surprised if we see it dropping. We have 0 confirmation of a pullback, but one point to look is the 52.70. If NIO breaks it, it might drop to one of the fibs retracements in the 4h chart:
We are outside the BB again, and the RSI is near the 80 level. A correction to the 50 (38.2% retracement) would be nothing for NIO. But again, no confirmation yet.
What if NIO drops to one of its retracements? We should look for buy signs, because it is a bull trend. No rocket science here.
If you liked this trading idea, remember to click on the “Follow” button to get more trading ideas like this, and if you agree with me, click on the “Agree” button 😉.
See you soon,
Melissa.
Yes, NIO is oversold, but this doesn’t mean it’ll drop. It means we should be careful and not be surprised if we see it dropping. We have 0 confirmation of a pullback, but one point to look is the 52.70. If NIO breaks it, it might drop to one of the fibs retracements in the 4h chart:
We are outside the BB again, and the RSI is near the 80 level. A correction to the 50 (38.2% retracement) would be nothing for NIO. But again, no confirmation yet.
What if NIO drops to one of its retracements? We should look for buy signs, because it is a bull trend. No rocket science here.
If you liked this trading idea, remember to click on the “Follow” button to get more trading ideas like this, and if you agree with me, click on the “Agree” button 😉.
See you soon,
Melissa.
