Yes, once again, NIO did exactly what technical analysis said it would. We lost the 52.70 today, and this made NIO drop to the target we talked about yesterday, the 38.2% fibs retracement at 50s, exactly as we said it would yesterday.
The RSI was too overbought and could easily see this coming. But what about now?
In the 4h chart we see the fibs retracement we talked about. It is amazing how technical analysis works. Now it is harder to tell. A trade from the 52.70 to the 50.45 was easy, but now is different. I think if it loses the 50.45 again, we’ll go south to the 48.33 (61.8% retracement).
NIO is still overbought, but I say that now the moment is harder because we can never underestimate NIO’s momentum. We must proceed carefully and always wait for confirmation, ok? The momentum is still bullish, and a simple drop doesn't mean that NIO will crash (which is something I don't believe will happen, as I have a few NIO with me as well, that I carry since the $30s). I’ll be back tomorrow.
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See you soon,
Melissa.
The RSI was too overbought and could easily see this coming. But what about now?
In the 4h chart we see the fibs retracement we talked about. It is amazing how technical analysis works. Now it is harder to tell. A trade from the 52.70 to the 50.45 was easy, but now is different. I think if it loses the 50.45 again, we’ll go south to the 48.33 (61.8% retracement).
NIO is still overbought, but I say that now the moment is harder because we can never underestimate NIO’s momentum. We must proceed carefully and always wait for confirmation, ok? The momentum is still bullish, and a simple drop doesn't mean that NIO will crash (which is something I don't believe will happen, as I have a few NIO with me as well, that I carry since the $30s). I’ll be back tomorrow.
If you liked this trading idea, remember to click on the “Follow” button to get more trading ideas like this, and if you agree with me, click on the “Agree” button 😉.
See you soon,
Melissa.
