MARKET ANALYSIS

DAILY TECHNICAL ANALYSIS 28/07/2022

NIO

NIO has broke its upward trendline and has 38.2 correction.

Critical level was R1, found more resistance at that level and reversed the trend.

If the price does not bounce back to the 50% or 61.8% fibo level, the price may continue further down to S1 again

If the price recovers and breaks above R1 it may start a new wave on a longer time frame.

WTI

WTI has a bearish bias as we can see a downtrend line that started on 06/29 and is still active till today.

But the most recent data showing a balance between supply and demand appears between 105.26 and 93.65 levels.

Investors should focus on when the price is about to break.

NZDUSD

NZDUSD has broken its uptrend line and has a small retracement at 38.2 fibo level.

A healthy retracement of trend lasts until 50 and 61.8 level of fibo.

If the price drop below 61.8 the trend may reversed.

If the price bounce back one of these levels, investors should expect the price to go higher.