Chinese companies have been volatile of late for all the political reasons. Hence probably not for the faint hearted.
NIO "corrected" from a recent high of 55.13 to 42.73 in just 5 days before finding support where we have a confluence of resistence-turned-support as well as the 50% fibonacci retracement of the AB swing up.
The odds looks good for a rebound to it's recent high of 55. For confirmation, wait for a break of yesterday's candle hi (ie >47) to go long. Initial stop loss @ 42.69. Trail stops upwards to protect profits when trade goes our way.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
NIO "corrected" from a recent high of 55.13 to 42.73 in just 5 days before finding support where we have a confluence of resistence-turned-support as well as the 50% fibonacci retracement of the AB swing up.
The odds looks good for a rebound to it's recent high of 55. For confirmation, wait for a break of yesterday's candle hi (ie >47) to go long. Initial stop loss @ 42.69. Trail stops upwards to protect profits when trade goes our way.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
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