NIO: Watch out for this dual-support level!
Hello traders and investors! Let’s see how NIO is behaving today!
First, in the 1h chart, we have a dual-support level made by the purple trendline and the previous bottom at $ 45.07 (green line).
Since NIO is in a bull trend, the odds are that it’ll keep pushing up, and do new higher highs/lows. NIO hit all our targets recently, and now we have another one exactly at $ 50.40.
Now, we must be aware of this dual-support level, because if NIO loses it, then a pullback in the daily chart will be triggered.
A pullback in the daily chart would mean that NIO will seek its 21 ema next, around the $ 43 (our first target).
This scenario will materialize only if NIO loses its dual-support level, and maybe it’ll give another chance to buy at $ 43, but we can’t count too much on this.
I still see NIO at $ 50.40, although we might have some bumps along the way. Either way, let’s be careful, and if this analysis helped you, remember to follow me to keep in touch with my daily studies!
Thank you very much!
First, in the 1h chart, we have a dual-support level made by the purple trendline and the previous bottom at $ 45.07 (green line).
Since NIO is in a bull trend, the odds are that it’ll keep pushing up, and do new higher highs/lows. NIO hit all our targets recently, and now we have another one exactly at $ 50.40.
Now, we must be aware of this dual-support level, because if NIO loses it, then a pullback in the daily chart will be triggered.
A pullback in the daily chart would mean that NIO will seek its 21 ema next, around the $ 43 (our first target).
This scenario will materialize only if NIO loses its dual-support level, and maybe it’ll give another chance to buy at $ 43, but we can’t count too much on this.
I still see NIO at $ 50.40, although we might have some bumps along the way. Either way, let’s be careful, and if this analysis helped you, remember to follow me to keep in touch with my daily studies!
Thank you very much!
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