$NIO TOP 20
Added 2024-01-09 12:52:23 +0000 UTC$NIO fought hard to recover yesterday and even got back to the $8.05 level leading up to the EOD but was not able to hold this level and started to reject towards the close.
We can see on the chart that it looks like a rejection on the 1hr chart at the 200 Dma and at the 0.618 Fib, which is also showing weakness in the PM now, also very close to making a lower low, if this does happen then we need to watch for the lower 0.78 Fib at $7.56.
Losing this and we are back into the buy zone again under $7.38
Below the 0.618 Fib shows weakness for a Wave 2 which I explained over the weekend, so we need the bulls to step in at lower Fib levels now.
