$NIO TOP 20
Added 2024-06-10 10:37:41 +0000 UTCChinese policy makers have offered a subsidy to new EV buyers in China to replace their petrol cars and expect to run this subsidy until the end of the year, I suspect if this is successful that will it will last beyond this point too.
$NIO has been green in the PM this morning and staying above the 0.5 Fib level at $4.82, which is also the 50 Day MA, which we have been watching since the start of May.
The 0.618 Fib is just lower at $4.54 which is also the standard pull back level for Wave 2, either levels are fine with me to hold, I suspect it is holding here due to the 50 Day MA as added support.
We want to start seeing a move higher this week from this point, after surviving earnings week untouched.
I will continue to keep an eye on the HSI and $TSLA as important factors affecting $NIO this week.
