NIO: Target hit and Gap filled! What's next?
Hello traders and investors! Let's see how NIO is doing today!
It did exactly what we expected in our previous analysis, last week, and it hit our target. I explained the technical reasons that made me believe we would seek the gap at $ 40.59 in my previous analysis; the link to it is below, as usual.
Now that we hit our target, NIO did what seems to be a Shooting Star candlestick pattern in the 1h chart, and this is a weakness sign. That’s ok, since we are in a bull trend, pullbacks are expected, and now is the best place for NIO to start a correction.
As long as we don’t see a bearish structure, NIO will probably be fine. Now, let’s see the daily chart:
In the daily chart, it feels like NIO deserves a pullback to the 21 ema again, and that would be just another opportunity to buy.
Since it triggered the pivot point at $ 39.63, it has been doing very well, but nothing goes up in a straight line forever. Let’s see if NIO will confirm a top near this gap area.
If you liked this analysis, remember to follow me to keep in touch with my daily updates on indices and stocks.
Have a good day!
It did exactly what we expected in our previous analysis, last week, and it hit our target. I explained the technical reasons that made me believe we would seek the gap at $ 40.59 in my previous analysis; the link to it is below, as usual.
Now that we hit our target, NIO did what seems to be a Shooting Star candlestick pattern in the 1h chart, and this is a weakness sign. That’s ok, since we are in a bull trend, pullbacks are expected, and now is the best place for NIO to start a correction.
As long as we don’t see a bearish structure, NIO will probably be fine. Now, let’s see the daily chart:
In the daily chart, it feels like NIO deserves a pullback to the 21 ema again, and that would be just another opportunity to buy.
Since it triggered the pivot point at $ 39.63, it has been doing very well, but nothing goes up in a straight line forever. Let’s see if NIO will confirm a top near this gap area.
If you liked this analysis, remember to follow me to keep in touch with my daily updates on indices and stocks.
Have a good day!
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