We are about to enter the Post-Pandemic era where traders' optimism overwhelmingly overcast all other forces in the market. As you can see in this chart the downtrend has been reversed a few days back and we are moving up. But we have been going up for quite a while and may need a short break and help the RSI settle down. I don't see we break below 40 in this pullback and as I show on the chart, our next stop is at the next resistance level around $50. Another reason to believe this is going to be the scenario is that since NIO's last earning was disappointing, investors are going to expect the worse and start selling. But since there is no holiday or pandemic that affect their earning, it's more likely that they surprise the market in a positive way and get a boost to their ticker. Let's see!
Comment:
well, that was a long-lasting correction! Is this now going to break out of its downtrend channel? Need a couple more days to confirm it.
