Luckily head and shoulder didn't form! (there is still a possibility that it could if the coronavirus condition worsen. However, given the way Chinese government is dealing with it, i highly suspect that it will go worse)
There is a high chance . that we are looking at a descending triangle breakout here. If NIO survive this crisis, with recent funding news and Q4 ER (more funding coming i believe), NIO is still on a very bullish trend and heading back to $10!!
Now, by textbook, we will set our price target from button of descending triangle to top and use that range as our price target. Hence, our first target will be around $6.55, which also served as a support/resistance once in 2018. That means NIO need to break $5.6 from last time and enter $6 zone and I believe that will come very soon. The next price target can be set around $8.17 as you can see from the chart.
NIO will definitely head back to double digits if Q4 ER is good and we will know that the company will be surviving 2020 and beyond.
So, fingers crossed, wait for good news on NIO and let's see how it plays out. GLTA!!!
There is a high chance . that we are looking at a descending triangle breakout here. If NIO survive this crisis, with recent funding news and Q4 ER (more funding coming i believe), NIO is still on a very bullish trend and heading back to $10!!
Now, by textbook, we will set our price target from button of descending triangle to top and use that range as our price target. Hence, our first target will be around $6.55, which also served as a support/resistance once in 2018. That means NIO need to break $5.6 from last time and enter $6 zone and I believe that will come very soon. The next price target can be set around $8.17 as you can see from the chart.
NIO will definitely head back to double digits if Q4 ER is good and we will know that the company will be surviving 2020 and beyond.
So, fingers crossed, wait for good news on NIO and let's see how it plays out. GLTA!!!
Comment:
i forgot to mention that EMA 50 and EMA 200 has golden crossing today! thats a good sign for bulls too!