It hit our target at the 21 ema , as we discussed in my last analysis, and it almost hit the pink line as well.
Now, it is doing a quick pullback, as it should, since it just reached a resistance zone, but there are some points to keep in mind. The red and purple lines are relevant supports for NIO , and the pink line was a support in the past, and it is supposed to work as a resistance now. And about the green line at $ 48.60?
This green line is a pivot point. It is going to take some time for NIO to defeat today’s first candlestick , which was quite bearish , and just after it hit the 21 ema , but if it does, it’ll be a great sign. If NIO triggers this pivot point , I believe that the pink line won’t hold the price.
Sometimes, a pivot point in the hourly chart can be at the same time a Gift candlestick pattern in the daily chart as well:
Now, it is doing a quick pullback, as it should, since it just reached a resistance zone, but there are some points to keep in mind. The red and purple lines are relevant supports for NIO , and the pink line was a support in the past, and it is supposed to work as a resistance now. And about the green line at $ 48.60?
This green line is a pivot point. It is going to take some time for NIO to defeat today’s first candlestick , which was quite bearish , and just after it hit the 21 ema , but if it does, it’ll be a great sign. If NIO triggers this pivot point , I believe that the pink line won’t hold the price.
Sometimes, a pivot point in the hourly chart can be at the same time a Gift candlestick pattern in the daily chart as well: