First, in the 1h chart, we have a pivot point at $ 43.66. If NIO defeats this point, it has a good chance of reversing the bear trend for good. We have been on a series of lower highs/lows in the 1h chart, and this movement would bring something new for NIO .
By defeating the , and trading above the 21 , NIO could reverse the trend in the mid-term too, meaning, in the daily chart:
We have a Piercing Line pattern on NIO , just like on PLTR , but the difference is that the volume on NIO is looking better. We almost hit the 61.8% Fibonacci’s Retracement, and yesterday, we closed above the . This is a powerful sign.
Today it seems we have a Gift pattern: A small that follows a powerful (in this case, the Piercing Line). Gifts are just corrections seen in smaller time frames, and often they create in the 1h chart.
Now it seems NIO has everything to start its reversal, we just need to wait for more confirmation. We must not lose the 61.8% in the next few days, otherwise we might drop to lower levels.
Meanwhile, let’s keep an eye on the points and patterns mentioned in this analysis. And if you liked this idea, remember to follow me to keep in touch with my daily studies, and please, support this idea if it helped you!
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