$NIO TOP 20
Added 2024-05-16 15:43:36 +0000 UTC$NIO continues to hold within the $5.20-$5.34 range for the last day and I added yesterday
Not because I am ruling out $NIO not coming down to the 50 Day MA at the 0.5 Fib at $4.80 or even lower but I can not ignore the bullish sentiment towards Chinese stocks right now and this entire sector could be pulled up together.
$NIO has been one of the strongest performers from China over the last month, only beaten by $YINN which is a 3 X leveraged position
So the bulls are here, some cooling down may be required before it can go higher, but I like how $NIO is sitting now and consolidating.
Any further dip from here I think will be bought very quickly and believe this has a simple route back to $7, where it will need to convert this level back to support.
