Hello traders and investors! So, NIO is doing a pullback right now. No big surprises here. Let’s see what’s going on.
In the hourly chart, NIO is doing a pullback to the 21 ema and to the Blue Line at $ 60.08, which is a Key Point for NIO, as we discussed in my last analysis. Also, as we expected, the $ 57.20 did a great job holding the price last week, and our target is still the same: $ 66.95. If you missed my last analysis, I’ll leave the link to it below, as usual.
Since NIO is above an important support level, I see no reason to panic. The $ 60.08 was previously a resistance, and now it is working as a support, following the Principle of Polarity Let’s see the daily chart:
The trend is clearly bullish, and as long as we don’t see a clear reversal sign, NIO will continue climbing. The movement is quite bearish today, but aside from the support levels seen in the hourly chart, NIO is still trading above the 21 ema in the daily chart and above the $ 57.20 (November ATH).
We must see how NIO will close today, and the volume will look like, before jumping to any conclusion. But so far, it seems the bias is still bullish. I’ll keep the target at $ 66.95, as we have been discussing, and again, if you missed my previous analysis, the link is below. It is never a good idea to panic-sell, so let's wait for any confirmation.
And if you liked this analysis, remember to follow me to keep in touch with my studies, and to support this idea!
@KYLOREN1973, Hey Kylo! Again, thank you very much for supporting me and trusting my work! You are great!
May the Force be with you!
KYLOREN1973
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@Nathan_Black, what do you think about NIO's pre-market? closing the GAP and then go up?
voldersniels
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You think we could see 65 this week, trading options ?
Aditus_Somnus
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Thanks for sharing!! What you said above is very true. It will be good to be that guy who gets to sell highes highs and buy lowest dips, when you see the grpahs of the past is easy to tell "I should have sold here and bougth right there" but when you are in the present not knowing how it will behave in the future theres no way you can do it like that.
Thanks for your analysis, even not knowing the future, knowing where are the key points of the beaviour of a stock helps a lot. Is appreaciated.
Nice day!
Nathan_Black
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@Aditus_Somnus, Couldn't agree more. Technical analysis may make you feel dumb sometimes, but only because it is easy to read the chart in retrospect. We can't possibly know the future, but as you said, knowing the key points helps a lot. If we react properly to the market, and have a good trading style, there's no need to know the future.
Thanks for the support, Aditus! Take care!
dzynr64
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So the question now is how strong of a support is 57.00? I was picking up shares early last year at 3.75 and am looking to increase my investment. I'm in for the long haul.
donrezzo
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hey mate do you still think it will rise up to 66?