NIO: Complete Analysis (H, D and W charts).Hello traders and investors! Yes, since our last analysis, NIO has been trading around the Fibonacci Retracements we talked about last week, and it is moving accordingly to the technique.
First, let’s see the 1h chart. Today, NIO dropped to the previous support at $ 44 area, and it is trying to react. Although we are under the 21 ema, the bias is slightly bullish. The red line at $ 46.99 is the technical resistance for NIO in the short-term.
Now, let’s see the daily chart:
We see that NIO is trading between the 38.2% and the 61.8% retracements, and as long as it keeps between these points, nothing surprising will happen here.
For now, it is hard to tell which direction NIO will do a breakout, but since it is in a bull trend in the 1h chart, the odds are that it’ll break upwards the 38.2% retracement, unless we see something new.
If we lose the 61.8% retracement, we would drop to the $ 32 area again, as we lack other support levels. But it we break the 38.2% we might seek the next top at $ 55.13, which is a pivot point seen in the weekly chart:
NIO found a support in the 21 ema in the weekly chart , and in addition to the Fibonacci Retracements seen in the daily chart, this is a strong support level for NIO in the mid/long-term. What's more, we have bullish candlestick patterns around here too.
The $ 55.12 is a pivot point, and if triggered, NIO could easily seek the previous ATH. Let’s follow NIO closely in the next few days, and see how it’ll play next.
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Thank you very much!
