The last thee times NIO fell below the 1-month trend line (black solid line) it always fell below the the 150EMA on the 15 min chart. So once it dipped below the 50EMA I knew it had more leg room to fall. Next, we can see two failed breakouts on the 1-month trend line (noted by the teal candle) combined with lower daily volume. This was my confirmation that NIO was losing steam and will not breakout to new all time highs. Moving on, we can further see evidence of this with the 25EMA crossing under the 50EMA. All of this has now further confirmed my original idea of NIO dropping down to $35-42. The black dotted line, once broken, will further confirm this.
The EV gold-rush will soon be over IMHO
To those who called me out on my last NIO post for not knowing what I was doing, I accept your apology.
1D chart
On the 1d chart we can see either evidence of two red candles below each other, this confirmed a short-term peak.
The EV gold-rush will soon be over IMHO
To those who called me out on my last NIO post for not knowing what I was doing, I accept your apology.
1D chart
On the 1d chart we can see either evidence of two red candles below each other, this confirmed a short-term peak.
Comment:
Nailed it :)