$NIO TOP 20
Added 2023-12-18 15:06:38 +0000 UTCWe needed a catalyst and we got one today.
Massive vote of confidence from CYVN today to invest a further $2.2 Billion into $NIO and now account for 20% of $NIO's holdings. Although this was a dilution and giving up share of the company, it means CYVN have also become a large shareholder and they will want to see $NIO perform well and will be expecting a considerable return. They will not be holding for the short term.
On the chart, the price hit the Second Target perfectly today and went slightly above it in the PM.
So if you bought when $NIO broke out of its wedge and in the buy zone, you would be up 20% in just over a week here.
Let's see how well $NIO can hold up today, we have been used to $NIO bouncing hard and then selling but with news like this today, I suspect Bulls will stick around and people will be adding to their long term positions.
I want to see $NIO stay above the previous high at $8.25 or breaking above the Second Target at $8.65 and holding.
The 200 Day MA on the daily chart is at $9.20, above this level and I believe we have started our reversal and the trend is favouring the bulls.
