NIO: It hit our target! What's next for us?
Hello traders and investors! NIO hit our target at $ 43.13, the technical target for the V-Shape recovery, and we are trading above the target. The link to our last analysis is below this post. What’s next for us?
First, in the 1h chart, since we already defeated the resistance at $ 43.13, this point is supposed to work as a support. Notice that NIO just did an upwards breakout from a trap zone, when it was trading between the 21 ema and the resistance at $ 43.13.
All of these are good news, and NIO has no pullback/reversal sign around. Even if it drops again to the 21 ema in the 1h chart, the bullish thesis would be intact.
Now, to the daily chart:
The only thing that annoys me is the low volume. If NIO loses today’s low, then it can easily retest the 21 ema in the daily chart again. Also, it must not close under the $ 43.13, as the market might see this as a false breakout. Of course, this wouldn’t be enough to change the trend, it would just mean we’ll see a pullback, and since the trend is bullish, this means an opportunity to buy.
But for now, all we can say is that the $ 46.28 is the next target. Let’s keep our eyes open here, and stay alert to these key points.
If you liked this analysis, remember to follow me to keep in touch with my daily studies, and support the idea if you liked it!
Thank you very much!
First, in the 1h chart, since we already defeated the resistance at $ 43.13, this point is supposed to work as a support. Notice that NIO just did an upwards breakout from a trap zone, when it was trading between the 21 ema and the resistance at $ 43.13.
All of these are good news, and NIO has no pullback/reversal sign around. Even if it drops again to the 21 ema in the 1h chart, the bullish thesis would be intact.
Now, to the daily chart:
The only thing that annoys me is the low volume. If NIO loses today’s low, then it can easily retest the 21 ema in the daily chart again. Also, it must not close under the $ 43.13, as the market might see this as a false breakout. Of course, this wouldn’t be enough to change the trend, it would just mean we’ll see a pullback, and since the trend is bullish, this means an opportunity to buy.
But for now, all we can say is that the $ 46.28 is the next target. Let’s keep our eyes open here, and stay alert to these key points.
If you liked this analysis, remember to follow me to keep in touch with my daily studies, and support the idea if you liked it!
Thank you very much!
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