NIO Inc.Long
Has Nio found the bottom of its descending channel?
Has Nio Finally seen an end to its death spiral? Tune in next week to find out!
In my opinion we might of found a triple bottom from this recent correction as it lines up very, very well with Nios long term ascending support (green ascending line). Next market week we have a number of different things lining up and coming into play. We have all this power potentially meeting at the red circle if The infamous "W" gets rejected within this symmetric wedge we have forming at the ascending support. The W playing out and smashing through all these walls and downward momentum up in the
48S I find to be the most unlikely scenario. Maybe with the factory reopening that could be a catalyst to push it that far but I'm not banking on it. In my opinion I think where the red circle is and the dashed green line of horizontal support meeting the ascending support will be the likely move into an upward break out. Worst case scenario I also find unlikely is the support being broken and falling back to retest the blue rectangle horizontal triple bottom, but anything is possible. One thing I find interesting is this W, the symmetric wedge and the horizontal support wedge each have roughly the same projected price target following their measurements. As another layer of support we also have the 200EMA currently sitting at 35.82. The bottom red rectangle is the scenario if the sky is falling and the 10year reaches 3.00 over night. I believe the symmetric wedge is the likely play here. Time will tell, Good luck on your trades!
In my opinion we might of found a triple bottom from this recent correction as it lines up very, very well with Nios long term ascending support (green ascending line). Next market week we have a number of different things lining up and coming into play. We have all this power potentially meeting at the red circle if The infamous "W" gets rejected within this symmetric wedge we have forming at the ascending support. The W playing out and smashing through all these walls and downward momentum up in the
48S I find to be the most unlikely scenario. Maybe with the factory reopening that could be a catalyst to push it that far but I'm not banking on it. In my opinion I think where the red circle is and the dashed green line of horizontal support meeting the ascending support will be the likely move into an upward break out. Worst case scenario I also find unlikely is the support being broken and falling back to retest the blue rectangle horizontal triple bottom, but anything is possible. One thing I find interesting is this W, the symmetric wedge and the horizontal support wedge each have roughly the same projected price target following their measurements. As another layer of support we also have the 200EMA currently sitting at 35.82. The bottom red rectangle is the scenario if the sky is falling and the 10year reaches 3.00 over night. I believe the symmetric wedge is the likely play here. Time will tell, Good luck on your trades!
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