NIO: The most important resistance to keep our eyes on!
Hello traders and investors! Let’s see how NIO is doing today!
NIO dropped sharply last week, but it seems we have some reaction now. We started to trade above the 21 ema again, and yesterday we did a pullback to the 38.2% Fibonacci’s retracement area, which is a good thing.
Now, the main challenge will be to defeat the $ 36.63. This point was a resistance on Oct 07, today we hit exactly this price again, and we failed in breaking it.
I like how today’s first candlestick is looking, but the situation is still a little delicate.
In the daily chart, we are trying to defeat the 21 ema, which has been working as a resistance area for a few months now. It seems the $ 36.63 is a pivot point in the daily chart, so if we manage to defeat these two resistances, NIO will probably do a mid-term reversal.
If it actually reverses, the gap at $ 40.59 (yellow square) is going to work as a target. Let’s see how NIO will behave in the next few days.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good day.
NIO dropped sharply last week, but it seems we have some reaction now. We started to trade above the 21 ema again, and yesterday we did a pullback to the 38.2% Fibonacci’s retracement area, which is a good thing.
Now, the main challenge will be to defeat the $ 36.63. This point was a resistance on Oct 07, today we hit exactly this price again, and we failed in breaking it.
I like how today’s first candlestick is looking, but the situation is still a little delicate.
In the daily chart, we are trying to defeat the 21 ema, which has been working as a resistance area for a few months now. It seems the $ 36.63 is a pivot point in the daily chart, so if we manage to defeat these two resistances, NIO will probably do a mid-term reversal.
If it actually reverses, the gap at $ 40.59 (yellow square) is going to work as a target. Let’s see how NIO will behave in the next few days.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good day.
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