NIO: Range Inbound

A detrimental decision was made for NIO at the $35 mark recently, where a previous area of support was held on March 8th. As we can see, we had a false breakout before close, but ultimately the last bullish 4-hour candle proved otherwise. The chip shortage certainly was a staggering blow, but the continuous retest and bounce off of $35 convinces me that we may see NIO continue in a range before seeing another push up towards $50-$60.