hi traders,
Some time ago we shared the trading idea:
but this NIO set-up failed as the stop loss at 4,05 was reached.
Since then, NIO dropped 22%.
I see a potential that a local bottom is in as RSI hit oversold levels and the price is kind of respecting the downsloping channel.
I won’t be calling any huge reversal yet because NIO has a lot to prove but expecting the bounce towards 4,90-5$ is reasonable here.
However, if the price drops and closes below 3,10$ , this set-up will be invalidated.