I've been hopeful for NIO as a possible growing company in the field of EV; it seems to have been struggling especially compared to competitors. Is coronavirus going to be the 'nail-in the coffin' so to speak? Will competitors flush it out? I don't expect the upcoming ER to bring good news.
Perhaps all the successful TSLA investors will look to diversify into companies like NIO? Or will they get crushed? I'm going to short this one and watch from the sidelines until more news and info develops.
*this is my first publication as a novice trader/take it easy on me*
Trade active
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Looks like a successful Short!
If you're hopeful and confident in NIO and thinking the upcoming Earnings Report will bring more buyers and higher price action, this looks like a good entry point resting at the ~$3.75 Support zone. Personally, I think the company is going to continue a downward trend, the E.R. may bring a short pop in price but I'm resting easy with my Short and moving on to more viable companies.
Nice colours indeed, but what is that lower purple line ? It's just the parallel line of the upper trendline. What is that technique called ?
NillaCoin
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@bob_marlex, those two parallel purple lines indicate a parallel channel of the upward price trends range.
I usually make upward trend lines the same color as the orange candles/downward purple to correlate.
I didnt really edit the chart as well as I could've before sharing I suppose.
If NIO closes at around 4.15 or higher I may have prematurely assumed price action. Price seems to have had a nice 'pop's this morning but we'll see how the week plays out to better determine if this kind of growth is sustainable
NillaCoin
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@bob_marlex, to put it more simply, the two lines represent support (bottom) and resistance (top) of the trending parallel channel; which has played out for a few months now give or take
alasfoor
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First of all .. Nice colors .. I Really like it for Heikin Ashi charts :)
I can't say right now if it Head & Shoulders, Channel up or Triangle?
For me, It's a hold matter until we find a real confirmation.
check this chart also
NillaCoin
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@azzam_alasfoor, thanks! I'm still not 100% on if i prefer Heikin Ashi.
Very Solid chart! good catch! I tend to look too 'short term' on my stock charts.
I could see that H&S playing out and perhaps allowing for a breakout if the company gains more momentum by then along with coronavirus hype dying down (if it does by then?)