- The descending triangle indicates bearishness but this is the third time it has been on this level which could result in a pullback back to the $39 levels or even $45 but by how weak the stock is right now it seems like it's going to be unlikely.
- RSI is still not oversold and EMA's still haven't passed which indicates more drops could come.
What could happen: If Nio goes below the second $31 support then it won't see blue skies for a while, its next support would be at around $27 which could be weak, and then hitting something in the $16 area.
The only good thing going on for Nio right now is its Sinopec collaboration. Nio is a very good company in the long term that could grow exponentially. However, Nio is too big of a risk at the moment to invest in the long term and I would just hold on for a while before buying as it is pretty unstable.
Nio might be a descent swing for the next week but still risky.
Comment:
It would be appreciated if you could leave a comment with your thoughts and ideas, any constructive criticism.
Trade active:
Nio held through the support I gave very well, it could either go up to follow the descending triangle or just stay neutral for a while.
If it passes the descending triangle then that will no longer be valid and resistance at around $41-$42 will take place.
If it passes the descending triangle then that will no longer be valid and resistance at around $41-$42 will take place.
Comment:
NIO broke the 20 day moving average today indicating growth potential.
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Nio just announced its going to Norway!
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Nio reported excellent earnings!
As usual though Nio dropped on this great news and it rejected the bears. This could indicate that Nio is moving to new highs!
As usual though Nio dropped on this great news and it rejected the bears. This could indicate that Nio is moving to new highs!