Ready to buy on the dip?
NIO suffers from the same issues that Tesla has... Production capacity and profitability... But it benefits from the same hype- EV is an emerging and environment-friendly trend. Furthermore, China is the biggest EV market and only 2% of the market is tapped.
Tesla may have the first mover advantage, but NIO enjoys the recognition of the homegrown brand in China.
Let's take a look at the technical analysis.
Impulsive wave cycle has recently run its course and, I believe the distribution is currently underway.
The price is stalling at Fib 61.8% and POC, Kijun and bollinger midlane are providing the temporary support on the daily timeframe that I suspect will only hold for so long.
The reason being that the volume has been on a sharp decline as the price went up and, the potential ascending H&S is looming on the horizon.
Based on the confluence of Ichi, multiple fib lvls, swing highs/low and VPVR, I believe $2.50-$3.15 is the buy zone we should watch out for.
This is not the financial advice so please do your own research before you dive into NIO as it has been acting quite volatile lately.
Please click like if you enjoy my analysis :)
NIO suffers from the same issues that Tesla has... Production capacity and profitability... But it benefits from the same hype- EV is an emerging and environment-friendly trend. Furthermore, China is the biggest EV market and only 2% of the market is tapped.
Tesla may have the first mover advantage, but NIO enjoys the recognition of the homegrown brand in China.
Let's take a look at the technical analysis.
Impulsive wave cycle has recently run its course and, I believe the distribution is currently underway.
The price is stalling at Fib 61.8% and POC, Kijun and bollinger midlane are providing the temporary support on the daily timeframe that I suspect will only hold for so long.
The reason being that the volume has been on a sharp decline as the price went up and, the potential ascending H&S is looming on the horizon.
Based on the confluence of Ichi, multiple fib lvls, swing highs/low and VPVR, I believe $2.50-$3.15 is the buy zone we should watch out for.
This is not the financial advice so please do your own research before you dive into NIO as it has been acting quite volatile lately.
Please click like if you enjoy my analysis :)
