NIO: What could cause a pullback now?
Hello traders and investors! Let’s see how NIO is doing today!
First, we have a Double Top chart pattern in the hourly chart, and if triggered, it could be the start of a pullback in the daily chart. The $ 39.74 is the resistance NIO must defeat to cancel this pattern, and it is at the same time a Pivot Point, that could resume the bull trend. So, the $ 39.74 is a quite important point to keep in mind.
What’s more, we have a strong support zone that could hold the price if NIO drops, at the blue area in the chart. We have the 21 ema, the previous support (yellow line) and the previous top (blue line). I believe this support zone is the most decisive point for NIO, because if it loses it, the idea of a pullback in the daily chart gets stronger.
Let’s see the daily chart:
The trend is very bullish here, and a pullback to the 21 ema, or even to the $ 29.40 would be a natural and healthy movement, that wouldn’t ruin the bull trend at all. In fact, it would only give us an opportunity to buy, or buy more.
If NIO loses yesterday’s low ($35.82), the market could see this as a Spinning Top candlestick pattern, and it’ll be another event that could lead a pullback here.
But so far, NIO is in a strong bull trend, and it hasn't lost any of its supports yet. But it didn’t trigger the pivot point at $ 39.74 as well, so let’s keep an eye on these points! And if this idea helped you, please, support it! And follow me to keep in touch with my daily analyses!
Stay safe.
First, we have a Double Top chart pattern in the hourly chart, and if triggered, it could be the start of a pullback in the daily chart. The $ 39.74 is the resistance NIO must defeat to cancel this pattern, and it is at the same time a Pivot Point, that could resume the bull trend. So, the $ 39.74 is a quite important point to keep in mind.
What’s more, we have a strong support zone that could hold the price if NIO drops, at the blue area in the chart. We have the 21 ema, the previous support (yellow line) and the previous top (blue line). I believe this support zone is the most decisive point for NIO, because if it loses it, the idea of a pullback in the daily chart gets stronger.
Let’s see the daily chart:
The trend is very bullish here, and a pullback to the 21 ema, or even to the $ 29.40 would be a natural and healthy movement, that wouldn’t ruin the bull trend at all. In fact, it would only give us an opportunity to buy, or buy more.
If NIO loses yesterday’s low ($35.82), the market could see this as a Spinning Top candlestick pattern, and it’ll be another event that could lead a pullback here.
But so far, NIO is in a strong bull trend, and it hasn't lost any of its supports yet. But it didn’t trigger the pivot point at $ 39.74 as well, so let’s keep an eye on these points! And if this idea helped you, please, support it! And follow me to keep in touch with my daily analyses!
Stay safe.
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