NIO: Going to the $ 50s?

Hello traders and investors! Let’s see how NIO is doing today!

First, Nio is clearly in a bull trend, doing higher highs/lows, and I see no weakness signs around, but it seems it wants to correct a little. Pullbacks to the 21 ema are expected, and not to be feared.

Now, let’s see the daily chart:

snapshot

If NIO closes above the $ 46.28 it’ll defeat another resistance, and the $ 50.40 is the next target. If it closes below $ 46.28, probably it’ll do a correction, we just don’t know if it’ll be a time correction (sideways movement) or price correction (pullback to the 21 ema).

Here, we have no pullback or reversal sign around, but the $ 46.28 will be a key point for us in the short-term.

The volume looks good, and NIO looks quite strong. Even if it corrects again to the 21 ema or to the $ 43.13, I still see it at $ 50.40, unless we see a clear reversal sign around, which is different from pullback sign.

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Thank you very much!
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