The Long Investor

$NIO TOP 20

Added 2023-11-16 17:02:40 +0000 UTC

Yesterday the bulls tried their best to keep the price above the 200 Day MA on the 1hr chart and they kept knocking on the door of the yellow resistance trend line but could not get above that $8.22 level.

We were hoping for another attempt at it today but the market had other ideas and I suspect the Biden comment yesterday after his meeting with Xi also did not help.

$BABA also reported today and although it was a double beat, there was some concerns in the details, particularly CEO MA's family selling a portion of their stock....in spite of it being less than 0.5% of the total holding....we had this earlier in the year with Softbank selling $BABA and at that time, they owned 20% of the company, it did not collapse their share price then either.

$NIO is back under $7.38 but still, above the June low of $7 which is quite bizarre at this stage that it has held above this level.

It is possible that $7 will not be held and we drift down to the lower trend line, losing this level and we need to be comfortable with the price going to $5's unfortunately.