- The 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.
- 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.
If it passes the descending triangle then that will no longer be valid and resistance at around $41-$42 will take place.
As usual though Nio dropped on this great news and it rejected the bears. This could indicate that Nio is moving to new highs!