$NIO TOP 20
Added 2023-10-10 10:42:46 +0000 UTCRough day for Chinese EV stocks, a combination of three things possibly:
1. The market expected that production numbers would be weak today due to the Chinese Holiday in the first week of October, (1300 per week, the same as $XPEV) the drop anticipated these figures.
2. $TSLA's price cuts makes them more competitive and although it appears to be more threatening to $XPEV, $NIO was affected too.
3. The possible sanctions on Chinese stocks if they get involved in the Middle Eastern conflict and threats to supply chain issues if there is another large scale war. (I personally do not think this is a factor)
Two small Fib lines here that have been added since the low in Sept, the 0.618 and 0.887 Fib, the price did not go below the small 0.887 Fib or the larger 0.887 Fib, meaning a new low was not made.
Yesterday was expected to be volatile and it was at the opening and ultimately the day turned green as the market looks to be starting Wave 5.
My only plan for $NIO now is to buy if it makes a new low into the buy zone.
Comments
If it makes a new low then the previous impulse wave is invalidated though?
Chris H
2023-10-11 00:11:31 +0000 UTCI’m happy with an average at 9.60, like you I’ll add if it makes a new low below 7.
Barney
2023-10-10 10:44:47 +0000 UTC
