NIO goes up or down or sideway? you tell me!

NIO Inc.NYSE

Description

⋅ Jul 17, 2020 10:47 PM

Another day, another NIO.

Please note that i am a n00b trader and this analysis is far from accurate. I just find analysing and drawing fun and educational.

Observation:
We saw a big drop today. Holding at 1 FIB, a previous support and tredline. A LOT of volume around 10:50 and a pretty hefty upwards momentum.

Analysis:
I used Fibs, trendlines and S/R as well as volume indication to draw this, pretty loosly one might say.

My idea:
Bearis as i am i think we'll see a drop to single digits before this moves back up.

SO, are we following the trend down, seeing a reversal or some sideways action? What do you think?
Is the EV Hype dying, is TESLA next?

Comments

krish484

⋅ Jul 18, 2020 8:48 AM

Bearish on Nio Hopefully will drop till 9.30 lvls

krish484

⋅ Jul 18, 2020 8:53 AM

@krish484, Btw I had shorted it at 10.50 range. Did I do a mistake ? should i cut my losses or should I hold to drop? any suggestions would be helpful

Goingdutch303

⋅ Jul 18, 2020 9:10 AM

@krish484, Well, 10.50 looks like a pretty solid support level. I would sell at either at 11.80 or 12.45. All depending on circumstances ofcourse.

krish484

⋅ Jul 18, 2020 9:15 AM

@Goingdutch303, Thank you for your suggestions