Technical Analysis behind my short position on NIO. I have been watching this triangle channel for a while now and with this last week, it appears it has strongly broken out of that candle. Before entering a position I am waiting for it to retest the bottom support of the triangle. Just speculation :)
I hold a differing view. If you look at the daily chart yesterday, there was a very strong buying volume at the current $20.90. Monday , there could be a rebound , RL could be 26
inactiveaccountdontfollow
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@Declutter69 interesting, if it’s on its way back up we’ll just have to wait and see if it’s gonna be a retest or a reversal and act accordingly! Thanks for the imput
louistran_016
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@Declutter69, agreed, this looks quite similar to SQ downward move before breaking out
Pouria1370
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but is it not descending triangle?
chandraruthu
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This is falling wedge price should go up
inactiveaccountdontfollow
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@chandraruthu, hey bud, wanna check the chart again and tell me u still think itll go up?
Jobir
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your wedge pattern is wrong. falling wedge should come end the of sell trend . Nio will go down till 14$ but your analysis is totally wrong
zveuse
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Really clean, instantly clicked on the analysis! :)
NicoDaCheeko
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I agree, and if the re-test confirms the breakdown; my price targets would be between $15.50 and $10.50. I also would definitely wait to see if this isn't a bear trap before entering a short position.