Hello traders and investors! Let’s see how NIO is doing today!
First, it failed in reacting near its support levels, and it is dropping sharply. We don’t see a good bullish reversal sign around, and it is following the Chinese stocks sell-off.
One thing to keep in mind: We have two open gaps above the price, and I’m convinced that they will be filled, we just don’t know how or when. It might take years, or a few weeks. As long as we don’t see any good reaction, there’s no way this is a buy again.
In the daily chart, it seems NIO is doing a H&S chart pattern, and today it is triggering the pattern by losing the neckline. Again, since we have no reaction around, this might be a sell sign, if confirmed.
If we see a good reaction this week, this will become a phenomenal buy sign near a support level, but as long as it doesn’t react, there’s nothing else we can do. The next support is at $ 30, and it might hit there. Let’s follow NIO closely, as when the situation is dangerous, we see the best opportunities.
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but I will not sell.