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NIO price target/end of october: $21
Evs, ah quite the market in 2020. Nio has had quite a year, lets examine the last 4 months with NIO.
Since June 30th Nio has been in a beautiful ascending channel, a closer examination of the trend will show that upon reaching highs, Nio has an extended period of consolidation, into a lower end of the channel, which leads to another rise towards the upper end of the channel.
Zone 1-39 candles.
Upon reaching the upper end of the channel (also resistance), we can see consolidation, and upon reaching the lower end (of ascending channel) we see a rise into zone 2(becomes support).
Zone 2 (theoretical) -26 candles.
Using the same metrics as zone 1 we saw a rise into the upper end of the channel, back into a consolidation range, this time , along support lines. Using zone 1 measurements, we can expect a consolidation into the lower end of the channel which would take it back into the upper end of the channel, also known as zone 3.
Zone 3 (theoretical) - 13 candles.
In this zone we reach said price target.
With aforementioned measurements used in previous zones (zone 1, zone 2) , We can see the price target of $21 by end of October. Bull case scenario on this pattern leaves us at $28 by end of October.
**Provided also are:
*Pink reversal zones (possible to signal reversal if falling out of ascending channel)
* gray area zones (possible for upside or downside)
*red breakdown zones (for price action that falls out of the bullish trend)
NIO price target/end of october: $21
Evs, ah quite the market in 2020. Nio has had quite a year, lets examine the last 4 months with NIO.
Since June 30th Nio has been in a beautiful ascending channel, a closer examination of the trend will show that upon reaching highs, Nio has an extended period of consolidation, into a lower end of the channel, which leads to another rise towards the upper end of the channel.
Zone 1-39 candles.
Upon reaching the upper end of the channel (also resistance), we can see consolidation, and upon reaching the lower end (of ascending channel) we see a rise into zone 2(becomes support).
Zone 2 (theoretical) -26 candles.
Using the same metrics as zone 1 we saw a rise into the upper end of the channel, back into a consolidation range, this time , along support lines. Using zone 1 measurements, we can expect a consolidation into the lower end of the channel which would take it back into the upper end of the channel, also known as zone 3.
Zone 3 (theoretical) - 13 candles.
In this zone we reach said price target.
With aforementioned measurements used in previous zones (zone 1, zone 2) , We can see the price target of $21 by end of October. Bull case scenario on this pattern leaves us at $28 by end of October.
**Provided also are:
*Pink reversal zones (possible to signal reversal if falling out of ascending channel)
* gray area zones (possible for upside or downside)
*red breakdown zones (for price action that falls out of the bullish trend)
******ZONE 3 23 candles*******