We warned about the retracements! Now what's next? 🤔
Ok, NIO hit the 61.8% retracement, and this is not a surprise for us, as we discussed about this possibility in our last analysis.
Today, it did a bullish harami outside the Bollinger bands, the RSI was around 30s, and just above the 61.8% retracement, a perfect indictor of a rally ahead. But the 20ma and the 38.2% retracement are resistances now, and we must be aware of this.
NIO did a nice hammer above the 20ma in the 4h chart, and above the red line too. We shouldn’t be worried, but if the 20ma/38.2% area hold NIO in the 30mins, then it can lose the hammer and the red line and do a pullback to the 43s again.
We have nothing to worry for now, but it is not because it is a bull trend, we shouldn’t stay alert.
If you liked this trading idea, remember to click on the “Follow” button to get more trading ideas like this, and if you agree with me, click on the “Agree” button 😉.
See you soon,
Melissa.
Today, it did a bullish harami outside the Bollinger bands, the RSI was around 30s, and just above the 61.8% retracement, a perfect indictor of a rally ahead. But the 20ma and the 38.2% retracement are resistances now, and we must be aware of this.
NIO did a nice hammer above the 20ma in the 4h chart, and above the red line too. We shouldn’t be worried, but if the 20ma/38.2% area hold NIO in the 30mins, then it can lose the hammer and the red line and do a pullback to the 43s again.
We have nothing to worry for now, but it is not because it is a bull trend, we shouldn’t stay alert.
If you liked this trading idea, remember to click on the “Follow” button to get more trading ideas like this, and if you agree with me, click on the “Agree” button 😉.
See you soon,
Melissa.
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