Nathan_Black

NIO: Bullish signs above a Dual-Support level!

NYSE:NIO   NIO INC
Hello traders and investors! Let’s see how NIO is doing today!

First, in the hourly chart NIO is forming a bottom near the $ 57.20, which is a support level . Also, the stock is inside what we call “Trap Zone”, between the 21 ema and the support level at the $ 57.20, and the price is supposed to move erratically when trading in this tight range. Usually, when the price escapes from a Trap Zone, we see a good explosion, the question is to which direction the price will explode.

If NIO explodes downwards, it can easily seek for the $ 50.50, helped by the gaps (yellow rectangles), which work as magnets when the price is trending. On the other hand, if the support level holds NIO , and if it trades above the 21 ema again, then the $ 66.75 is the next target.

Let’s see the daily chart now:


The bias is clearly bullish , and the drop seen in the past few days was just a pullback, given the low volume, indicating that this is not a real sell-off. So far, today’s candlestick is bullish , and this could be a buy sign for many who are out of NIO .

So, we have a pullback to the $ 57.20, the 21 ema is quite close to the price now too, so we are sitting above a very strong dual-support level. If NIO keeps this way, it’ll be a fantastic sign. The final confirmation that the bull will resume is if NIO defeats the $ 60.08, which is a key point in the hourly chart.

So far, NIO is reacting very well, and if you liked this analysis remember to support it! And follow me to keep in touch with my analyses. You can check my previous NIO analysis in the link below.

Thank you very much.
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Comments

100coins
Reply
Nathan_Black KYLOREN1973
@KYLOREN1973, Thank you Kylo Ren! I really appreciate your support!

May the Force be with you, man! :)
+1 Reply
KYLOREN1973 KYLOREN1973
Among the jungle of traders, experts and storytellers you are one the most reliable. Always spot on.
+1 Reply
Guys, in the analysis I said the target is the $ 66.75, but the correct price is $ 66.95, ok? My bad. Can't edit the idea now, so I'll leave a comment here.
+10 Reply
once again thank you for everything Nathan! be well-be safe
stock ON 🤘🏻🚀
+2 Reply
@ellisd13, always nice to see you here, Ellis! Thanks a lot for the support, my friend!
+1 Reply
Great analysis, enjoyed it. Personally, I see that she completes the fifth and final wave at round 71ish so I agree with your bullish sentiment!
Reply
Thank you very much for your analysis. Helped me a lot.
Reply
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