The Long Investor

$NIO TOP 20

Added 2023-09-07 09:44:29 +0000 UTC

Definitely starting to feel a bit like ground hog day with $NIO as this continues to move sideways, between the 50 and 200 Day MA, keeping a very tight range between $11.35 and $10.20.

Like I said yesterday, we should feel perfectly fine about this as the rounding formation continues to stay in its structure.

Positive comments from CEO Li yesterday when he said that he is open to collaborate for the sustainable future of $NIO....which I took from that as $NIO would be open to join a similar partnership like $XPEV has with VW.....$XPEV has been vulnerable to supply chain issues and partnering with VW, sorts this problem out......VW also benefits from having a strong partnership in the fastest growing EV market in the world, in China.

So $NIO joining with Mercedes does make a lot of sense from both perspectives....at least over a short period of time until $NIO is established and out of its growth phase.

Back to the chart, red in the PM which seems to be the theme this week, so the bottom of the arc is still showing a possibility of falling to the 0.78 Fib at $9, so let's not be too surprised if this happens, it would certainly be a buy for me here.

Keep the patience, everyone is handling $NIO very well, I see little concerns in our group about it, we are just waiting patiently for this to start its momentum to the upside, great to see.