Nio is doing some bearish patterns around, and it must do a very good movement on Monday if it wants to go up next week. We have a head and shoulders, that wasn't triggered yet, so there's still hope for Nio.
But, what if it triggers? Then the gap at 33.44 will be the target, probably. We also have the 32.61 as a second target, but I don't know if there's any chance of being hit.
The 4h chart has the double top pattern as well, that indicates more bearish sentiment, but neither of these patterns were triggered yet. Therefore, it is important to see a great reaction on Monday, as soon as possible, or Nio will trigger these signs and drop to the targets.
But if Nio breaks the 34.75, I believe it'll seek the 61.8% retracement in the 4h chart, around the 38.40. We'll have our answer next week!
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See you soon,
Melissa.
But, what if it triggers? Then the gap at 33.44 will be the target, probably. We also have the 32.61 as a second target, but I don't know if there's any chance of being hit.
The 4h chart has the double top pattern as well, that indicates more bearish sentiment, but neither of these patterns were triggered yet. Therefore, it is important to see a great reaction on Monday, as soon as possible, or Nio will trigger these signs and drop to the targets.
But if Nio breaks the 34.75, I believe it'll seek the 61.8% retracement in the 4h chart, around the 38.40. We'll have our answer next week!
If you liked this trading idea, remember to click on the “Follow” button to get more trading ideas like this, and if you agree with me, click on the “Agree” button 😉.
See you soon,
Melissa.
