Nio Inc (NIO) – [A 17% Rebound Target Met, What’s Next? ]
Chart Source: Tradingview.com 20th Oct 2021
From our post on 4th Oct we mentioned that Nio was consolidating around the $35 range and that it had corrected 40% since the high, as such, this has caught our attention. After a slight move down, we saw NIO stabilizing and right that it crossed its 20ema and even the 50ema. A nice 17% rebound in about 2 weeks is good in our view! The 20ema is starting to cross up the 50ema which is a positive sign!
It is currently at around the $40 resistance and if it manages to consolidate and break above this we might see $48 on the cards. But it won’t be that fast as it’ll take time to get there.! EVs are in play and we’ll update on TESLA soon too!
Hope you learnt something from the post! Keep a lookout for our next!
Yours
Humbly
Kelwin&Roy
