The Long Investor

$NIO TOP 20

Added 2024-05-02 09:20:15 +0000 UTC

$NIO is flying again in the PM now and if it can reach $7 soon, this will be a 100% jump since its low in mid April and on the wedge trend line.

As we just saw on the HSI chart, the price action cut through the 200 Day MA with ease, likewise $NIO has cut through its 50 Day MA with little resistance too.

I have the blue lines here to show where there was previous support, which used to be our buy zone, so this area is still an area of interest to us, so recapturing these blue lines will show that bulls have been able to recapture these significant support lines again.

So far we can only see one wave bounce, so it is likely that Wave 1 is still forming, once we see the start of a pull back, we can add in where we believe Wave 2 will pull back to

I suspect the blue line at $5.30 and the 50 Day MA will be of significant interest when the pull back comes.

Some will be eager to add here but so far we only have 1 wave and no higher low confirmed just yet.