NIO stock remains in a strong downtrend.
Generally we expect major indices such as NASDAQ and SPX to continue the downtrend as they already saw rejections from the major resistance line.
NIO looks kinda similar as it couldn't break the resistance. We expect the next leg down from where we are. The target for shorts and the buy area to play the bounce would be around $4,50 - 5 $.
If we see these prices, NIO stock would be down 93% from its ATH.
From there we expect to see some nice rally.
Reaching the buy area most likely will happen in Q1 2023. We will scoop up some for sure!
Generally we expect major indices such as NASDAQ and SPX to continue the downtrend as they already saw rejections from the major resistance line.
NIO looks kinda similar as it couldn't break the resistance. We expect the next leg down from where we are. The target for shorts and the buy area to play the bounce would be around $4,50 - 5 $.
If we see these prices, NIO stock would be down 93% from its ATH.
From there we expect to see some nice rally.
Reaching the buy area most likely will happen in Q1 2023. We will scoop up some for sure!
Comment:
The price got rejected form the key trendline again
Comment:
The price is retesting the major trendline. If it closes above the trendline, we may see a bullish reversal.
P.S Don't short when the stock is down 90 %. It's a time to DCA and flip bullish
P.S Don't short when the stock is down 90 %. It's a time to DCA and flip bullish
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