The Long Investor

$NIO TOP 20

Added 2024-05-03 14:20:52 +0000 UTC

$NIO letting off a little bit of steam today and this is not a bad sign, like I said with the HSI this morning, its been a powerful move and we don't want any further parabolic moves, we want controlled and no squeezes. Traders and chasers want sequeezes so they can get in and get out and then there will be a break down on the chart....which we have seen a few times with $NIO.....we don't want that now.

$NIO is testing the blue line right now which we know has been a support line in 2024 and then lost in March, so recapturing this level and converting it to support is a good sign.

If this is not achieved, I have added in the amber Fib support levels....noting how the 0.618 Fib aligns with the 200 MA on the 1hr chart.

So steady and controlled moves is what we want to see, in an impulse manner.