NIO: Bullish reaction above a Key Point!
Hello traders and investors! Let’s how NIO is doing this Monday!
Nio is starting to react in the hourly chart, which is fantastic, because it didn’t even hit the purple line at $ 38.33, which is the most important support for NIO, as we discussed on Friday. If you missed my last analysis, the link to it is below, as usual.
Also, this bullish reaction came with good volume, another good sign, and it seems NIO will retest its resistances, which are 3, so the fight won’t be easy for the bulls.
We have the 21 ema, which is pointing down, the red line, and the strongest resistance: The purple trendline, which made the price drop several times in the past.
Let’s see if we have any good sign in the daily chart:
Yes, NIO is doing a good candlestick pattern today, and the Piercing Line pattern is still valid. If it keeps this way, and if the volume is good, then we’ll have an impressive sign of strength here.
Again, the purple line is the most important support for NIO because if it loses it, we may see a sharper pullback, but if it keeps trading above it, the momentum will continue bullish. And as far as I know, the closer the price gets to a support level, the better is the R/R ratio of a long trade (if the mid/long term is bullish, of course).
We’ll have to monitor NIO closely, as it is near a decisive point, and since I analyze NIO every day, I invite you to follow me to keep updated about what’s going on here, and please, support this idea if you liked it!
Have a good Monday!
Nio is starting to react in the hourly chart, which is fantastic, because it didn’t even hit the purple line at $ 38.33, which is the most important support for NIO, as we discussed on Friday. If you missed my last analysis, the link to it is below, as usual.
Also, this bullish reaction came with good volume, another good sign, and it seems NIO will retest its resistances, which are 3, so the fight won’t be easy for the bulls.
We have the 21 ema, which is pointing down, the red line, and the strongest resistance: The purple trendline, which made the price drop several times in the past.
Let’s see if we have any good sign in the daily chart:
Yes, NIO is doing a good candlestick pattern today, and the Piercing Line pattern is still valid. If it keeps this way, and if the volume is good, then we’ll have an impressive sign of strength here.
Again, the purple line is the most important support for NIO because if it loses it, we may see a sharper pullback, but if it keeps trading above it, the momentum will continue bullish. And as far as I know, the closer the price gets to a support level, the better is the R/R ratio of a long trade (if the mid/long term is bullish, of course).
We’ll have to monitor NIO closely, as it is near a decisive point, and since I analyze NIO every day, I invite you to follow me to keep updated about what’s going on here, and please, support this idea if you liked it!
Have a good Monday!
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