Watch out for this pattern on Nio - Keeping my eyes on this.
Nio is potentially forming a descending triangle
If prices actually move back to touch 39.50 again, this creates the descending triangle at play. a 4th Touch drastically increases the probability of a downwards break.
A break below the support $39.50 is a disasterous scenario for Nio - I am not predicting this would happen, rather preparing and reacting IF it happens.
a Break below, The descending triangle targets the $22 level - Which rather interestingly is the 0.236 Fibonacci level
Depending on how low the drop takes it can also potentially coincide with the red 200 daily SMA - added confluence of support.
Personally I had stopped my shorts as per previous posts, added long after, and now taken full profits as I'm scared of this potential triangle.
My prediction (predictions are worthless) timewise is a break down around Early Feb 2021.
If prices actually move back to touch 39.50 again, this creates the descending triangle at play. a 4th Touch drastically increases the probability of a downwards break.
A break below the support $39.50 is a disasterous scenario for Nio - I am not predicting this would happen, rather preparing and reacting IF it happens.
a Break below, The descending triangle targets the $22 level - Which rather interestingly is the 0.236 Fibonacci level
Depending on how low the drop takes it can also potentially coincide with the red 200 daily SMA - added confluence of support.
Personally I had stopped my shorts as per previous posts, added long after, and now taken full profits as I'm scared of this potential triangle.
My prediction (predictions are worthless) timewise is a break down around Early Feb 2021.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.