The Long Investor

$NIO TOP 20

Added 2024-02-15 13:44:12 +0000 UTC

$NIO can't afford anymore slip ups now, there has been a drastic reduction in chatter and support for $NIO over the last 3 weeks....which is maybe a sign that capitulation has happened and losing the $7 support level was a big turning point for the Bulls and a lot of people sold, these are normally signs that the bottom is in or close.

The price action came all the way down to the wedge trend line and has since found support.

Price has been able to return to the bottom of the buyzone support level at $5.83 and there has been a clear battle going on at this level between the Bulls and Bears.

There are a number of signs to be optimistic about:

- MACD has been showing a an upward trend since the capitulation happened on the 16th of Jan.

- The pull back this week held on the 0.618 Fib

- Price has gone back above the $6 level and the 50 MA on the 1hr chart

- Price needs to make a higher high now and we can confirm that the trend is to the upside now, in the short term at least. So price needs to go above $6.29.

I have added in the green Fib levels above as potential targets, paying particular attention to the 1.618 Fib at $7.25.