NIO: The Most Important Support is Here! 👇

• NIO is still in a long-term bear trend, however, it is doing an important reaction this week;
• It is confirming a bottom sign, just above the support at $9. 40 (Support in Oct 2022, and Gap from Jul 2020);
• Only if it loses the $9. 40 I see NIO seeking the purple line below the price, maybe even the $5.70 (Jan 2020 top level);
• However, the recent reaction might jeopardize a bearish sentiment, at least for now. It all depends on how it’ll react in the daily chart:


• Yes, NIO triggered a Bearish Flag , and as far as I know, it is just doing a pullback to the lower purple line again, before another drop;
• If NIO enters the Flag area again, and does a clear bullish structure, it’ll most likely frustrate this bearish pattern , and seek the next resistance in the weekly chart, which could be either the 21 ema or the upper trend line ;
• Either way, NIO looks promising. I’ll keep you updated on this.

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