Sunday, August 2, 2020

Technical Analysis: What happened on Friday [July 31] The Short Term and Long Term Support Level on NIO Inc. (NIO)

NIO Inc. (NIO) has seen some recent action in the market and its shares closed at $11.94 on Friday July 31,2020. Overall the market was red but when stocks entered the green territory towards the end NIO was kept below $12. One reason might be the $12 contracts expiring on Friday and the big boys were in play to make sure that it stayed below $12. There was no negative news for Nio on Friday except for the China tensions which will have no effect on Nio stock as discussed on my previous post. Nio only operates in China market and China is the only country which is seeing a big rebound in the economy as most of the countries are still fighting covid-19. Nio will report record sales number tomorrow and shorts will be burned tomorrow for selling it on Friday. 

Long term investors will be rewarded if they hold this stock for long term. 

Nio will enter the bullish territory starting Monday.Once it breaks the $13 resistance it should rocket up to the previous high of $16. 


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