NIO: Going to the $ 50s?

Hello traders and investors! Let’s see how NIO is doing today!

First, Nio is clearly in a bull trend, doing higher highs/lows, and I see no weakness signs around, but it seems it wants to correct a little. Pullbacks to the 21 ema are expected, and not to be feared.

Now, let’s see the daily chart:


If NIO closes above the $ 46.28 it’ll defeat another resistance, and the $ 50.40 is the next target. If it closes below $ 46.28, probably it’ll do a correction, we just don’t know if it’ll be a time correction (sideways movement) or price correction (pullback to the 21 ema).

Here, we have no pullback or reversal sign around, but the $ 46.28 will be a key point for us in the short-term.

The volume looks good, and NIO looks quite strong. Even if it corrects again to the 21 ema or to the $ 43.13, I still see it at $ 50.40, unless we see a clear reversal sign around, which is different from pullback sign.

If you liked this analysis, remember to follow me to keep in touch with my daily studies, and support this idea if it helped you!

Thank you very much!