$NIO To Make a Comeback to $35 Level?

NIO Daily Chart

NIO has just bounced off recent descending channel support, with price leaving oversold territory.

Engulfing bullish confirmation candle is a welcome sign to signal a reversal to resistance levels of descending channel, which looks to be around the $35 level.

Overall longs be wary as market is incredibly volatile and while RSI is showing signs of a bullish reversal, MACD has yet to reflect sign of buyers regaining strength.

Lastly, NIO has been on a downwards trend over the past year so conservative longs may choose to stay out as the overall price action calls for a short biased approach.