Investopia teaches the following about channels:
Channels provide the ability to determine the likelihood of success with a trade. This is done through something known as confirmations. Confirmations represent the number of times the price has rebounded from the top or bottom of the channel. These are the important confirmation levels to remember:
1-2: Weak channel (not tradeable)
3-4: Adequate channel (tradeable)
5-6: Strong channel (reliable)
6+: Very strong channel (more reliable)
NIO has touched the same channel 8 times, making it a very strong channel to trade in. This also means, the stronger the channel, the stronger and more violent the breakout will eventually be.
Where do you guys think NIO will go?
Channels provide the ability to determine the likelihood of success with a trade. This is done through something known as confirmations. Confirmations represent the number of times the price has rebounded from the top or bottom of the channel. These are the important confirmation levels to remember:
1-2: Weak channel (not tradeable)
3-4: Adequate channel (tradeable)
5-6: Strong channel (reliable)
6+: Very strong channel (more reliable)
NIO has touched the same channel 8 times, making it a very strong channel to trade in. This also means, the stronger the channel, the stronger and more violent the breakout will eventually be.
Where do you guys think NIO will go?