NIO: Signs of weakness! Danger or Opportunity?
Hello traders and investors! Let’s study NIO today!
Let’s start with the daily chart today, because this is going to be interesting. We have a very strong bull trend here, but some may say NIO is showing signs of exhaustion.
Yes, two days ago it did a bearish candlestick, and yesterday’s candlestick was quite weak as well. I wouldn’t be necessarily concerned about this, because even if NIO corrects, we’ll have the $ 57.20 and the 21 ema to hold the price.
So far, we have weakness signs in the daily chart, but a clear pullback sign would be better seen in the hourly chart:
And in the hourly chart everything is normal. We still have a bull trend and the movement seen in the past 3 days could just be the 21 ema trying to catch up with the price in the hourly chart, making this weird Pennant chart pattern.
NIO is not trading under the 21 ema (which is holding the price quite well, we got to say), and we still have no clear lower highs/lower lows.
If NIO trades under the 21 ema and do another low, then we may see a pullback in the daily chart to one of the points mentioned, but for now there’s nothing else to do but wait another opportunity to buy NIO at a cheaper price or with a better Risk/Reward ratio.
Remember to support this idea if it helped you and remember to follow me to keep in touch with my analyses! You’ll find more analyses in the links below.
Thank you very much for your support.
Let’s start with the daily chart today, because this is going to be interesting. We have a very strong bull trend here, but some may say NIO is showing signs of exhaustion.
Yes, two days ago it did a bearish candlestick, and yesterday’s candlestick was quite weak as well. I wouldn’t be necessarily concerned about this, because even if NIO corrects, we’ll have the $ 57.20 and the 21 ema to hold the price.
So far, we have weakness signs in the daily chart, but a clear pullback sign would be better seen in the hourly chart:
And in the hourly chart everything is normal. We still have a bull trend and the movement seen in the past 3 days could just be the 21 ema trying to catch up with the price in the hourly chart, making this weird Pennant chart pattern.
NIO is not trading under the 21 ema (which is holding the price quite well, we got to say), and we still have no clear lower highs/lower lows.
If NIO trades under the 21 ema and do another low, then we may see a pullback in the daily chart to one of the points mentioned, but for now there’s nothing else to do but wait another opportunity to buy NIO at a cheaper price or with a better Risk/Reward ratio.
Remember to support this idea if it helped you and remember to follow me to keep in touch with my analyses! You’ll find more analyses in the links below.
Thank you very much for your support.
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