Here is my rather ameture, yet simple projection for the price action. NIO is clearly restrcited to a descending triangle. The generatal EV/tech space and chinese stock FUD doesnt help. Hopefully the March earnings might be a good catalyst as we squeeze in closer and closer to preferable (and hopefully soon positive in Q4 22/Q1 23) figures
Excuse my ameture line work, but it looks like NIO has fallen off its previous uptrend/channel, and found its way onto another which resonates with price action form May. I can see a wedge forming, which way it goes after it runs out of room? who knows, fundamentals indicate upwards
Im long on NIO and believe in the comapny massively; but we might have a nice opportunity to accumulate more shares in the short term. If we close below the trend line, I have no doubt in my mind that we will close the gaps, not certain but very likely. Hoping to accumulate more around $9.8 and $8 if so. Volume is also going down...
A good thing about NIO is that the price movement is fairly predictable, its been following this channel really nicely, and mostly in tune with fib too. I can see a wedge forming, and i suspect some sideways action until earnings day, which i think is 28th May. This all lines up, we either drop down to $3 level OR start approaching the $4.30 mark. My opinion only.
Don't chart too much, but based on my eyes it seems like its following the two channels nicely, we will likely see a rejection at the 0.382 fib level in the coming session, possibly down to 0.618 level at some point in the near future.
