Possible bullish breakout next week because of the symmetrical triangle pattern which will probably finish at 100% Fibonacci extension level (45-45.5), possibly won't go to 138.2% level (48.23) because of the resistance level of March 13 at 46.28.
There are reasons why its going to have a bullish breakout next week:
1) Strong support at 61.8% Fibonacci retracement level
2) Symmetrical triangle pattern (higher lows, lower highs)
3) Highly correlated with Tesla (95% correlation) and Tesla has bullish ascending triangle pattern now
4) The secondary indicators on 4 hours timeframe are showing that NIO is oversold more than overbought.
And don't forget about Dow Jones theory, on 31 of march NIO broke the downward trend (Recession phase) and now its currently in the Accumulation phase with considerable consolidation of the price. Probably next week we will see the start of another bull rally (Public participation phase) to achieve new peak (Distribution phase), but higher than the last peak of 67 dollars per share...
There are reasons why its going to have a bullish breakout next week:
1) Strong support at 61.8% Fibonacci retracement level
2) Symmetrical triangle pattern (higher lows, lower highs)
3) Highly correlated with Tesla (95% correlation) and Tesla has bullish ascending triangle pattern now
4) The secondary indicators on 4 hours timeframe are showing that NIO is oversold more than overbought.
And don't forget about Dow Jones theory, on 31 of march NIO broke the downward trend (Recession phase) and now its currently in the Accumulation phase with considerable consolidation of the price. Probably next week we will see the start of another bull rally (Public participation phase) to achieve new peak (Distribution phase), but higher than the last peak of 67 dollars per share...