NIO: Trouble ahead?
Hello traders and investors! Let’s see how NIO is doing today! It is dropping quite sharply, but let’s see if there’s any reason to be worried.
* It is a shame that our stream didn't work well. Last time everything occurred just fine. It seems Tradingview is not a reliable platform yet, but hopefully they will fix its glitches. *
First, in the 1h chart, NIO denied the Ignition Bar on Apr 30 – it wasn’t easy, it took several candlesticks, but it denied it for sure. This is not the best sign, as it shows a lot of weakness, but so far, NIO couldn’t close under the Ignition Bar’s low at any moment.
The stock is dropping thanks to a systemic sell-off, nothing directly related to any fundamental news. In addition, it seems it found a support level at $ 37.54, which was a previous resistance in the past.
This support is holding quite well for now. Let’s see if the daily chart offer more clues about what’s next:
NIO is dropping in the daily chart, but the volume of the bearish candlesticks is nothing amazing or worth noticing. This still indicates that this is not a real sell-off, but only an annoying congestion.
In the worst-case scenario, NIO will find the support around $ 34, if it doesn’t react quickly today or tomorrow. There’s a chance of a good reaction, if the Nasdaq stops dropping too.
For now, let’s calmly wait for the next opportunity. If you liked this analysis, remember to follow me to keep in touch with my daily studies, and please, support this idea if it helped!
Thank you very much!
* It is a shame that our stream didn't work well. Last time everything occurred just fine. It seems Tradingview is not a reliable platform yet, but hopefully they will fix its glitches. *
First, in the 1h chart, NIO denied the Ignition Bar on Apr 30 – it wasn’t easy, it took several candlesticks, but it denied it for sure. This is not the best sign, as it shows a lot of weakness, but so far, NIO couldn’t close under the Ignition Bar’s low at any moment.
The stock is dropping thanks to a systemic sell-off, nothing directly related to any fundamental news. In addition, it seems it found a support level at $ 37.54, which was a previous resistance in the past.
This support is holding quite well for now. Let’s see if the daily chart offer more clues about what’s next:
NIO is dropping in the daily chart, but the volume of the bearish candlesticks is nothing amazing or worth noticing. This still indicates that this is not a real sell-off, but only an annoying congestion.
In the worst-case scenario, NIO will find the support around $ 34, if it doesn’t react quickly today or tomorrow. There’s a chance of a good reaction, if the Nasdaq stops dropping too.
For now, let’s calmly wait for the next opportunity. If you liked this analysis, remember to follow me to keep in touch with my daily studies, and please, support this idea if it helped!
Thank you very much!
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