NIO: Keep an eye on these Fibonacci Retracements!
Hello traders and investors! Let’s see how NIO is doing today!
First, it crashed two days ago, but the movement was completely denied. NIO triggered a pivot point at $ 41.87, and it is trading above the 21 ema again. Pullbacks to these points are expected.
Now, it seems we are heading to the $ 44.87, but we have an open gap up there, that could make NIO go even higher.
This week NIO just dropped to retest the 61.8% retracement, and now it is bouncing back up to the 50%. The situation is not the best for NIO, as we still have many challenges ahead.
We have the 21 ema, which is another resistance to be defeated, and the 38.2% retracement might be another resistance as well.
Since we have an open gap, I see NIO retesting the 38.2% retracement next. Then we’ll have to wait for more information. We have a bearish momentum in the daily chart, and no good reversal sign around, aside from the 1h chart (which is a good start, but not enough).
Let’s see how NIO will behave in the next few days. If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Thank you very much.
First, it crashed two days ago, but the movement was completely denied. NIO triggered a pivot point at $ 41.87, and it is trading above the 21 ema again. Pullbacks to these points are expected.
Now, it seems we are heading to the $ 44.87, but we have an open gap up there, that could make NIO go even higher.
This week NIO just dropped to retest the 61.8% retracement, and now it is bouncing back up to the 50%. The situation is not the best for NIO, as we still have many challenges ahead.
We have the 21 ema, which is another resistance to be defeated, and the 38.2% retracement might be another resistance as well.
Since we have an open gap, I see NIO retesting the 38.2% retracement next. Then we’ll have to wait for more information. We have a bearish momentum in the daily chart, and no good reversal sign around, aside from the 1h chart (which is a good start, but not enough).
Let’s see how NIO will behave in the next few days. If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Thank you very much.
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