NIO: A decisive CHART PATTERN for NIO!
Hello traders and investors! Let’s see how NIO is doing today, and I’ll give you some important points to keep in mind.
First, we have a Triangle chart pattern in the hourly chart, and it could breakout to any direction, but usually, Triangles are continuation patterns, meaning, the situation favors the bulls. If we see a downwards breakout, probably the black line is not going to hold the price, and it could trigger a H&S chart pattern.
In this scenario we would see a sharper pullback in the daily chart:
The ideal target for this H&S would be around the $ 30, but I’m not convinced by it. The 21 ema is here, and it could offer support for NIO, if the worst-case scenario happens.
Either way, the stock is clearly in a bull trend: Higher highs/lows and the volume is increasing. I see no reason to be afraid of a pullback, as it would only offer opportunities to buy.
If NIO hits the $ 36 zone again maybe it’ll start to look interesting, and any bullish signal around there could trigger a buy.
So far, NIO is resisting, and as long we don’t see the points mentioned in this analysis, it’ll just continue going up. We shall never underestimate a bull trend. And if you liked this analysis, please, support it! And remember to follow me to keep updated.
Be careful and thank you very much.
First, we have a Triangle chart pattern in the hourly chart, and it could breakout to any direction, but usually, Triangles are continuation patterns, meaning, the situation favors the bulls. If we see a downwards breakout, probably the black line is not going to hold the price, and it could trigger a H&S chart pattern.
In this scenario we would see a sharper pullback in the daily chart:
The ideal target for this H&S would be around the $ 30, but I’m not convinced by it. The 21 ema is here, and it could offer support for NIO, if the worst-case scenario happens.
Either way, the stock is clearly in a bull trend: Higher highs/lows and the volume is increasing. I see no reason to be afraid of a pullback, as it would only offer opportunities to buy.
If NIO hits the $ 36 zone again maybe it’ll start to look interesting, and any bullish signal around there could trigger a buy.
So far, NIO is resisting, and as long we don’t see the points mentioned in this analysis, it’ll just continue going up. We shall never underestimate a bull trend. And if you liked this analysis, please, support it! And remember to follow me to keep updated.
Be careful and thank you very much.
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