NIO is currently in a downtrend much like the rest of the tech sector due to the semiconductor chip shortage, therefore, I am not seeing NIO's price drop as a reflection of the company. However, through the tribulations of the pandemic, market correction, chip shortage, and so on... NIO has continued to thrive and not only released news of a new cheaper EV to allow more people to afford it but opened their first overseas store in Norway which is massive. They also partnered with one of China's biggest gas station branches Sinopec to install their battery swap stations 2.0. They are growing as a company, their chart is consolidating all preparing for their next leap when the chip shortage is dealt with sometime in 2022.
For the swing trades, NIO is bouncing off the 30 level on the RSI but is rejected at the $34.50 resistance, if it breaks the resistance I'm expecting a bounce back to around the $40 level.
This is not financial advice this is just what I see happening. Let me know what you guys think.
For the swing trades, NIO is bouncing off the 30 level on the RSI but is rejected at the $34.50 resistance, if it breaks the resistance I'm expecting a bounce back to around the $40 level.
This is not financial advice this is just what I see happening. Let me know what you guys think.