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Today’s newsletter will cover the following stocks:
NIO Inc. (NYSE: NIO)
NIO is trading in a descending broadening wedge consolidation pattern, with a series of lower highs and lower lows. Yet another bearish SKDJ crossover is forming on the monthly chart, suggesting another leg down could be imminent.
NIO has been trading in a short-term ascending channel pattern since April last year, but it broke down after Friday’s trading session and also lost the key support level at 4. This increases the probability of further downward expansion into the next key support zone from 2.50-3.13, as well as the monthly bearish imbalance at 1.80-2.11.
Ultimately, NIO is only out of the woods if it can break out of the descending broadening wedge pattern and reclaim the key resistance level at 7.01.
Carnival Corporation (NYSE: CCL)
CCL previously formed a blow-off top in 2018 and has not seen ATHs since then. It then began a long-term downtrend into the 7.19-8.03 quarterly bullish imbalance, which filled and subsequently acted as support.
Since then, CCL has recovered and broken above the ATH resistance trendline (in red), retesting it from above, pending March candle close.
CCL rejected off the 21.55 monthly resistance, but is still hanging above the 19.09 monthly support level. Should 19.09 be lost, CCL could head back down below the resistance trendline towards the 14.94 quarterly support. Conversely, if buyers defend 19.09, CCL can push back towards 25.28 quarterly resistance and start filling the quarterly bearish imbalance back towards 33.34.
$NIO Inc.(NIO)$ $Carnival(CCL)$ $Royal Caribbean Cruises(RCL)$ $XPeng Inc.(XPEV)$ $Norwegian Cruise Line(NCLH)$
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