Option 1(Blue):
Nio shares are in a large wedge formation and will finish out the wedge before breaking out to ATH's.
Option 2(Orange):
Nio has caught up with the old regression channel and will continue to stay within that channel.
Option 3(Purple):
Nio has triple bottomed at that key .5 fib level and the 200 SMA has caught up, which means that we could recover smoothly and quickly.
Option 4(Red):
The worst is yet to come. Nio isn't done falling and will need to breakout of this smaller wedge and find support around $27 before beginning to recover.
My Outlook:
Personally, I think Nio shares will recover relatively quickly with these key support levels it is hitting. Profits are rising and I still think Nio has massive potential for the long-term. However, this bearish breakout wedge pattern is a little scary and it wouldn't suprise me if we have to break $30 before recovering. Like and follow for more :) Good Luck!
Nio shares are in a large wedge formation and will finish out the wedge before breaking out to ATH's.
Option 2(Orange):
Nio has caught up with the old regression channel and will continue to stay within that channel.
Option 3(Purple):
Nio has triple bottomed at that key .5 fib level and the 200 SMA has caught up, which means that we could recover smoothly and quickly.
Option 4(Red):
The worst is yet to come. Nio isn't done falling and will need to breakout of this smaller wedge and find support around $27 before beginning to recover.
My Outlook:
Personally, I think Nio shares will recover relatively quickly with these key support levels it is hitting. Profits are rising and I still think Nio has massive potential for the long-term. However, this bearish breakout wedge pattern is a little scary and it wouldn't suprise me if we have to break $30 before recovering. Like and follow for more :) Good Luck!
