• NIO is trading around the support level of a Bearish Flag chart pattern;
• Yesterday, it tried to trigger the pattern, but in the end, it did a bullish reaction and it stabilized around the trend line;
• If NIO triggers this flag, the bear trend will resume and the technical target of this pattern is around $5;
• In order to avoid this bearish scenario, NIO has to react as soon as possible, and stays inside the Bearish Flag again. This would indicate another bounce, possibly to the $14 again;
• Either way, we’ll have our answer soon. I’ll keep you updated.
Remember to follow me to keep in touch with my daily analyses!
• Yesterday, it tried to trigger the pattern, but in the end, it did a bullish reaction and it stabilized around the trend line;
• If NIO triggers this flag, the bear trend will resume and the technical target of this pattern is around $5;
• In order to avoid this bearish scenario, NIO has to react as soon as possible, and stays inside the Bearish Flag again. This would indicate another bounce, possibly to the $14 again;
• Either way, we’ll have our answer soon. I’ll keep you updated.
Remember to follow me to keep in touch with my daily analyses!
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