The chart is fairly self-explanatory. We have a huge amount of support at the ~7.00 level. The descending trendline may keep us from breaking out much past the $8 mark. And it could do a full round trip back to supply at $7.
EV has been crushed and this may be a good opportunity for a lower (NOT LOW RISK) trade with a safe stop.
Comment
⋅
You can see we do have a very large gap in the chart (yellow dashed line) between $9.59 and $10.23), which could be a good upside target if we break out of this triangle to the upside.
Comment
⋅
ouch, china weakness smacked us, hard. See updated possible pattern and support. Notice we may be in a descending wedge that looks to terminate near a key support level of $5.40. See volume gap and then support. Also note support back to 2018-2020, at this level.
Comment
⋅
well this isn't great. Price recovered and then bounced off that trendline and is now resistance. See here:
Comment
⋅
NIO coming back up to that lower trendline/resistance in Premarket. If we fail here, again, i suspect we are going much lower. Everything China is up, today, based on stimulus talks, but that may not last.
Comment
⋅
There is a serious battle for that trendline! Keep an eye on it.
Comment
⋅
The trendline battle was lost to the downside. Here's my best guess at what will happen next.
Comment
⋅
Hello, looks like this is playing out, as expected. We're coming back at that line of resistance. It look like a good play for a move to the $7 mark, if we can take it and hold.
Comment
⋅
Hello, friends. Here's a bit of a micro-level update on NIO. we're in what I think is an up channel. If the white channel holds, it's back to test that descending trendline. You can see we could break out and test that $5.40 level, again. One thing to be aware of is there is some downside risk way down on the lower trend, if things take a turn for the worse. so keep an eye on these levels.
Comment
⋅
We've been at this trendline, before. It doesn't look good for a quick break, when I look at momentum. Perhaps a pullback and another attempt. However, we did finally get over that 6.20 level, and I would like to see that hold.