hi traders
Let's have a look at NIO stock.
With terrible earnings at the end of March, the price faced a strong rejection and continued a major downtrend.
On the 8th of April, due to the whole market correction, NIO dropped heavily and the price reached 3,05$, where we saw the downsloping support line playing a big role and stopping the price from further decline.
RSI was very oversold, and now it looks like it was a bottom (at least for now).
The price bounced back to 4,20$ but it seems like it's getting rejected at 100SMA line.
RSI was overbought at the moment of this rejection, so I expect the price to give a bit of pullback but overall, I expect the price to try to retest the major downsloping resistance (a yellow trendline). If it breaks the downtrend, we will see fireworks and 7$+ will be a target.
If the price gets rejected, expect another 40% drop.
NIO needs a solid catalyst, such as strong earnings. With weak fundamentals, it will be hard for the price to break this major downtrend.
Let's have a look at NIO stock.
With terrible earnings at the end of March, the price faced a strong rejection and continued a major downtrend.
On the 8th of April, due to the whole market correction, NIO dropped heavily and the price reached 3,05$, where we saw the downsloping support line playing a big role and stopping the price from further decline.
RSI was very oversold, and now it looks like it was a bottom (at least for now).
The price bounced back to 4,20$ but it seems like it's getting rejected at 100SMA line.
RSI was overbought at the moment of this rejection, so I expect the price to give a bit of pullback but overall, I expect the price to try to retest the major downsloping resistance (a yellow trendline). If it breaks the downtrend, we will see fireworks and 7$+ will be a target.
If the price gets rejected, expect another 40% drop.
NIO needs a solid catalyst, such as strong earnings. With weak fundamentals, it will be hard for the price to break this major downtrend.
💥 Free signals and ideas ➡ t.me/vfinvestment
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
💥 Free signals and ideas ➡ t.me/vfinvestment
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.