- NIO shares are 5.59% lower as the bulls fail to keep the momentum going.
- There are a few key technical levels to watch on the upside.
NIO News Today
NIO has moved lower as the bulls failed to keep the bullish momentum going on Wednesday, Looking closer at the price chart and there are some key levels to keep an eye on on the upside. First of all, the 55 Exponential Moving Average, if this level breaks it could be a key signal that the trend is back on. Also, there is a downward sloping trendline that could be considered as the top of a bull flag. If this pattern breaks to the upside it could be an indication that price is going to continue in an upward trajectory.
On the downside, the wave low at 10.52 is a decent support area but if the price does breach the zone then the psychological 10 level could be tested. Before that, there is also the small matter of the 200 Simple Moving Average and often stock traders use this as a key barometer of trend.
Looking at the indicators, The Relative Strength Index is looking depressed under the 50 area. The MACD histogram has just moved into the red and the signal lines are under the mid-point. The volume is also looking pretty thin. The previously had a nice pop in volume but it seems the company has lot some of its limelight recently.
If you are not familiar with the company, they are an electric vehicle firm who design and manufacture smart cars in China. They have a bold plan to become one of the biggest names in electric cars are want to expand. On 19th July the company announced it had secured credit lines worth 10.4 billion yuan (USD 1.48 billion) from six domestic banks, just months after inking a cooperation deal with a city government.
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