NIO: Two important Pivot Points for NIO!
Hello traders and investors! Let’s see how NIO is doing right now!
First, NIO is still engaged in a bull trend, but it seems it is retesting the 21 ema. Any bullish reaction near this support level would be welcome, and NIO has a new pivot point, at the $ 45.57 (black line).
If NIO triggers this pivot point, it could easily hit the $ 48.65 (pink line) again, which is another pivot point seen in the daily chart:
The pink line is the pivot point here, and NIO must defeat it in order to resume the bull trend in the daily chart as well.
NIO is trading above the 21 ema, which is a good sign, but the volume must increase. Volume is a trend’s fuel, and if NIO needs more volume to defeat the pink line. The movement is good so far, but the volume must confirm the trend (Dow Theory: 5th tenet).
So far, we are doing well, but not perfect. Let’s watch NIO closely for more signs, and to keep in touch with my daily updates, remember to follow me! And please, support this idea if it helped you!
Thank you very much.
First, NIO is still engaged in a bull trend, but it seems it is retesting the 21 ema. Any bullish reaction near this support level would be welcome, and NIO has a new pivot point, at the $ 45.57 (black line).
If NIO triggers this pivot point, it could easily hit the $ 48.65 (pink line) again, which is another pivot point seen in the daily chart:
The pink line is the pivot point here, and NIO must defeat it in order to resume the bull trend in the daily chart as well.
NIO is trading above the 21 ema, which is a good sign, but the volume must increase. Volume is a trend’s fuel, and if NIO needs more volume to defeat the pink line. The movement is good so far, but the volume must confirm the trend (Dow Theory: 5th tenet).
So far, we are doing well, but not perfect. Let’s watch NIO closely for more signs, and to keep in touch with my daily updates, remember to follow me! And please, support this idea if it helped you!
Thank you very much.
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